Skip to main content

Full text of "International Herald Tribune , 1994, France, English"

See other formats



c_^ U£o 


Herald 


INTERNATIONAL 


/fJnPtfirii 




Wr 




(tribune 


By Alan Riding 

_ . _ „ New Yark Times Semce 

With ***? P 30 *’ violence anc 
denouement of an action movie, the work 
suddenly became aware of Algeria’s civi 
war this week when four Islamic militants 
hijacked an Air France airliner, murdered 
inree hostages and then were themselves 
killed by elite French commandos. 

But for France, Algeria’s former colo- 
nial ruler, this victory over terrorism has 
brought only temporary solace. Paris 
knows the war will go on, and whether it 
likes it or not, it knows it is a party to the 
escalating conflict between Islamic mili- 
tants and Algeria’s army-backed govern- 
ment. 

The shadowy Armed Islamic Group was 
quick to avenge the deaths of its “soldiers" 
Monday, taking responsibility Wednesday 


NEWS ANALYSIS 


for the killing Tuesday in Algeria of four 
Roman Catholic priests, three of them 
French and one Belgian. With these 
deaths, 27 French citizens have been kiiw? 
there in the past IS months. 

At the same time, while Islamic mili- 
tants charge France with backing the Alge- 
rian government, this week's hijacking has 
provoked a storm in relations between 
Paris and Algiers, with French and Algeri- 
an authorities accusing each other of ma- 
nipulating the drama to their own advan- 
tage. 

Yet, once the dust settles from this crisis, 
France will face the same problem as be- 
fore: What should be its policy toward the 
Algerian wax'? 

Because of deep ties to a land where 
more than 1 million French once lived and 
because some 800,000 Algerian immi- 


grants live in France today, it cannot opt 
for a hands-off policy. So, in practice, 


for a hands-off policy. So, in practice, 
should it promote negotiations or back the 
Algerian government’s campaign to crush 
the fundamentalists? 


Most experts here say France has al- 
ready chosen. In December 1991, under a 
Socialist government, France endorsed Al- 


giers’s derision to cancel a second round of 
parliamentary elections that the broad- 
based Islamic Salvation Front seemed set 
to win. With that derision, Islamic mili- 
tants took up arms. 

Since March 1993, Prime Minister 
Edouard BaBadur’s conservative govern- 
ment has continued to provide Algiers 
with economic and military aid. It has also 
tried to persuade its European partners to 
help out, arguing that a fundamentalist 
.Algeria would become a European — as 
wdl as a French — problem. 

No European country is, of course, as 
vulnerable as France. It is to France that 
Algerian journalists, intellectuals and pro- 
fessionals are already fleeing. And it is in 
France that perhaps hundreds of thou- 
sands more Algerians would seek refuge if 
the Islamic Salvation Front were to take 


uvu> , 

Paris also worries that I sla m ic funoa- 
mentalism could take root here. As a re- 
sult, it has begun cracking down not only 
on Algerian extremists who raise money 
and traffic in arms in France, but also on 
militants prosdytzing among this coun- 
try’s 3 nrimon Muslims. 

In truth, most Algerian and other immi- 


grants here show little sympathy for radi- 
cal forms of Islam, but Pans womes that 
children of immigrants, who often feel 


children of immigrants, wno oixcn ie«a 
rejected by French society, are being tar- 
geted by militants. This year, it even 
banned the wearing of Islamic head 


scarves in schools. 

This nervousness has led France to at- 
tack the United States, Germany and Bn t- 

ain for sheltering Islamic Sahjtkm Front 
leaders. Washington 

should promote a dialogue with aaortenite 
Islamic groups. “What inojfcrrterf" was 
the angry reton of France s hard-line inte- 
rior minister, Charles Pasqua. 


ti^^shij^cking, there are 
signsthat Paris may be rethinking its poh- 
cy toward Algeria, not any 

sJddcn tolerance of Islarmc funtoncn^ 


suaaeai iibbouvi. - ^ 

ism, but because of new awarratfjStna: 
France is paying a high 
governmem that may not be capable of 


Algerian affatomain- 

escalate, neither side is closci to def«wg 
theothor. And the Algerian economy is in 

week, after the Armed Islamic 
See ALGERIA, Page 2 


?? Down 

'fc 22.20 

^ 3839.48 

The Dollar 

Na«W VOflC 

DM 

Pound 

Yen 

FF 


Up 

0.85% 

113.& 


wedctow, 

9B.25 

5337 


M»w«tand Prictt — - 

ssstrfag gSasBs 

BBfcgg sSSSiSS 

Gabon K&CFA 200 PTAS 

SwvCWtf.l.WCfA J U ^ ;;.;.8J0Dirh 





PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Thursday, December 29, 1994 


No. 34,784 


Paris’s Defeat 
Of Hijackers 
Is Little Relief 
From Morass 



Russians Escalate 


Assault on Grozny 

Fighting Enters a Decisive Phase 
As Forces Besiege Rebel Capital 


By Michael Specter 

Sew York Tunes Service 

GROZNY, Russia — Russian troops, 
making their fiercest assault yet on the 
Chechen capital, pushed into Grozny on 
Wednesday from the east, bringing the 
righting in the separatist republic to a 
derisive phase. 

Machine guns and small-arms Ere could 
be beard throughout the day from Free- 
dom Square, in front of the nearly deserted 
Presidential Palace in the center of this 
dty. Russian jets flew dozens of missions 
— at least one every 20 minutes — bom- 
barding Chechen forces ringing the capi- 
tal 


The bombing and artillery barrages nev- 
er stopped. The heaviest fighting was in the 
village of Argun, IS kilometers (10 miles) 
east of Grozny, where Chechen spokesmen 
said dozens of soldiers on each side had 
died. Bui there was fighting throughout the 
region surrounding the capital. 

Early Wednesday morning, only hours 
after President Boris N. Yeltsin promised 
in a nationally televised address that civil- 
ian areas in Grozny would no longer be the 
target of bombs, Russian warplanes de- 
stroyed Chechnya’s largest orphanage. 
There were no major injuries because more 
than 250 people — orphans, refugees, 
homeless residents of Grozny — were all 
sheltering in the cellar of a stone building. 

Although only a small number of troops 
have so Far entered Grozny, thousands 
more are now poised to follow. They have 
occupied the highest hills overlooking the 
capital, and it appears the only thing pre- 
venting them from storming the city is the 
knowledge that casualties will be heavy 
because many Chechen soldiers will clear- 
ly fight them to the death. 

In Moscow, Oleg Lobov, the secretary of 
the National Security Council, denied that 
Grozny would be “stormed,” but said Rus- 
sian troops would drive fighters loyal to 
the Chechen president, Dzhokar Dudayev, 
from the dty “step by step, district by 


Sap KjirekbouThr Aivumri Pren 

A Chechen woman with her 5-day-old child beatfing for a bus with other refugees after fleeing Grozny on Wednesday. 


Under Fire, Woolsey Quits as CIA Chief 

Term Marked by Ames Case and Stiff Relations With Clinton 


By Tim Weiner 

Sew York Times Service 

WASHINGTON — The director of 
central intelligence, R. James Woolsey Jr., 
has resigned, the White House announced 
Wednesday, ending his troubled tenure as 
the nation’s chief of spies. 

Mr. Woolsey submitted a letter of resig- 
nation to President Bill Clin ton on Mon- 
day, saying he was tired of the 18-hour 
days and seven-day weeks his job demand- 
ed. He then left Washington for a Caribbe- 
an vacation. 

Although the White House said Mr. 
Clinton did not seek Mr. Woolsey’s resig- 
nation, relations between the CIA and the 
Clinton administration began awkwardly 
and did not improve during the nearly two 


years he held the job. White House offi- 
cials gave him a cold shoulder, limitin g his 
access to the president and canceling daily 
briefings that were traditional under previ- 
ous administrations. 

Mr. Woolsey had been severely criti- 
cized for his handling of the Aldrich Hazen 
Ames spy case. Mr. Ames, a former CIA 
agent, was convicted of passing secrets to 
the Soviet Union and later Russia. 

Mr. Woolsey’s relations with Congress 
were even worse. The chairman of the 
Senate intelligence committee, Dennis De- 
Concini, an Arizona Democrat who is re- 
tiring, routinely vilified Mr. Woolsey; the 
two men openly detested one another. He 
also was unpopular with many senior CIA 
covert operatives; they made him the tar- 


get of personal attacks that rose to the level 
of “character assassination," as a senior 
agency official said Tuesday. 

Mr. Woolsey said as recently as 10 days 
ago that he would stay on as director. 


“I'm an old friend of Jim's, but I don’t 
think he succeeded in this job," one of Mr. 
Clinton’s most trusted advisers said 
Wednesday. “He had an opportunity to be 
a new broom, and instead he was a defend- 
er of the status quo.” 


district.” It may take a bit longer that way, 
Mr. Lobov said at a press conference. 


Mr. Woolsey, a Washington lawyer and 
an experienced arras-control negotiator, 
was praised as a first-rate choice when his 
nomination was confirmed in February 


See CIA, Page 2 


Israeli Sale of Arms Technology to China Irks U.S. 


By Jim Mann 

Las Angeles Times Service 

WASHINGTON — Seven years ago, in the face of 
mounting costs, the United States withdrew from an 
elaborate project to help build an advanced combat 
aircraft for Israel The idea was scrubbed — or so it 
seemed. 

Now, to the consternation of U.S. officials, much of 
the American know-how and initial planning for the 
canceled “Lari” fighter plane are about to be put to use 
in China. 

U.S. government officials have recently concluded 
that China and Israel are collaborating to develop and 
produce an unproved fighter for the Chinese Air Force. 
Comparable to an American F-I6, the sew plane will be 


based on the Lari and will incorporate extensive techno- 
logical innovations derived from that project, according 
to U.S. government experts on the Chinese military. 

China and Israel already have finished work on a 
prototype, and production will probably start soon at a 
plant in the Sichuan Province dty of Chengdu, U.S. 
officials said. The plane’s deployment is seen as a major 
step in Beijing’s effort to modernize its air force, and 
some observers believe it bodes ill for China’s long- 


standing rival, Taiwan. 

A U.S. government expert said that the plane would 


fit in with a scenario for conflict over Taiwan “10 years 
from now.” “And for someone to help the Chinese build 
a production line, a turn-key facility for this aircraft, is 
ominous." 


The UJ5. government’s confirmation of Israel's role in 
development of the new Chinese plane could create 
tensions between the United States and Israel. The joint 
work on the plane is the latest military project in which 
Israel has helped China over the past 15 years. 

Although China's impending production of the Lavi- 
styie fighter has been closely monitored and discussed in 
the U.S. intelligence community in recent months. White 
House and State Department officials say there has been 
no offidal diplomatic protest to Israel about it. 

Some administration officials are said to believe the 
issue is not of great concern. While the plane represents a 
big step forward for China, they say, it is based on 1980s- 

SeelAVI, Page 5 


Kiosk 


Mexico Crisis Shakes Dollar 


Mexico’s financial crisis spilled over 
onto U.S. markets Wednesday as the 
dollar fell sharply against the Deutsche 
mark and tin; Japanese yen. 

Currency traders blamed the dollar's 
drop on concerns that the peso's weak- 
ness would prompt the U.S. Federal Re- 
serve Board to increase its credit tine to 
Mexico, further entwining the V.S. and 
Mexican economies. 


But the peso finned as the new Mexi- 
can government allowed short-term in- 
terest rates to rise in an effort to defuse 
the crisis. 


Movements in all financial markets 
were exaggerated by the fact that trading 
was typically light for the week between 
the Christmas and New Year holidays. 


and New Year holidays. 

(Page 9) 



Japan Quake Kills 2 and Injures 130 


TOKYO (AP) — An earthquake with about 630 kiloi 
an estimated magnitude of 75 shook east of Tokyo. 


about 630 kilometers (390 miles) north- 


northern Japan on Wednesday , 
ing at least two people and mj 


Book Review 


^ SARAJEVO ANNIVERSARY — A Bosnian battalion mannas its second 

— annrversaiy Wednesday In Sarajevo, which Saturday wfll have been under 
Page it. siege for 1^000 days. Meanwhile, Bosnian foes (fid not back a truce. Page 5. 


Danki Krimnovic/ Rouen 


! its second 


The quake was centered in the ocean C lassi fied Advertising 


Clinton Is Granted Delay of Sexual-Harassment Trial 


Compiled by Ov SUf] r rom 

LITTLE ROCK, Arkansas —A federal 
{.idee ruled Wednesday that Paula Corbin 

Tnms’s sexual-harassment lawsuit against 

KStaTKl O inion wflJ not go lo trial 

SSS2r=?«f« 

a former Arkansas state en> 

Mi Clinton of making 
““•fWK when he was governor of 

$700,000 in 

‘iSfSBffl. arguing 0m law- 


suits would interfere with his ability to 
cany out his duties, bad asked that all 
proceedings in the case be put on bold 
until he leaves office. He argued that he 
bad immunity from such claims while 
president. 

Judge Susan Webber Wright of U.S. 
District Court said she found nothing in 
the constitution that would provide immu- 
nity from claims brought against a presi- 
dent for actions he is alleged to have taken 
before assuming office. . 

But noting that Ms. Jones did not file 
her lawsuit until two days before the stat- 
ute of limitations had run out, the judge 


said there was clearly no urgency to the 
case, and she said she will not allow it to 


case, and she said she will not allow it to 
come to trial until Mr. Clinton was out of 
office. 


Ms. Jones’s lawyer said the ruling was a 
victory for his client. 

“The salient feature of the case is that 
the president is not immune from suit and 
that discovery will proceed apace,” Gilbert 
Davis said in a broadcast interview. 
"That’s the victory in the case I believe for 
Paula Jones.” 

“What’s important is that we proceed to 
take his deposition now,” Mr. Davis said. 

Ms. Jones has claimed that while she 
was at the hotel for a state-sponsored con- 
ference, a state trooper serving on Mr. 
Clinton’s security detail summoned her to 
meet with tine governor. While alone with 
her in a hotel room, she claimed, Mr. 
Clinton tried to kiss her, readied under her 
do thing and asked her to perform a specif- 


ic sexual act She said she felt humiliated 
and walked out. 

Mr. Clinton’s private attorney, Robert 
S. Bennett, said in October that lawyers 
from both tides had negotiated in May to 
stave off the lawsuit, but that Ms. Jones’s 
backers were unprepared to accept Mr. 
Clinton's “adamant denial” of the charges. 

At the time, Mr. Davis disputed dm 
version of the events, saying that in May 
Mr. Bennett was prepared to authorize a 
statement saying Mr. Clinton had no recol- 
lection of meeting Ms. Jones at the hotel, 
but did not challenge her claim that they 
met there. 

Mr. Davis said that the deal struck be- 
tween the two tides fell through after 
White House officials commented on the 


Magumed Khachkeyev, a Chechen soldier 
who is part of the presidential guard. “The 
Russians want to erase the face of this 
dty.” 

Already, large tracts of the sprawling 
city are nearly unrecognizable. For the 
Chechens, who have auempted to establish 
their independence since the Soviet Union 
fell apart in 1991, their capital has become 
a rubble-strewn wasteland. Hospitals, 
working on battery-powered generators or 
with candles, held many more victims 
Wednesday than they could handle. The 
main Republican hospital was forced to 
move to the city’s largest bomb shelter 
when Russian warplanes blew up its only 
operating rooms. 

“We have no antibiotics, few bandages, 
no antiseptic solutions,” said Tatiana Ki- 
tayev, the chief nurse at the hospital, show- 


ing reporters through the makeshift hospi- 
tal by candlelight. “We can only treat the 


tal by candlelight. “We can only treat the 
grayest emergpndes.” 

The dty has no running water and those 
few people on the streets almost all had tin 
pails in their hands, hoping to beat melted 
snow or take water from any nearby brook. 
Only a week ago the dty was filled with 
ca gpr men carrying assault rifles — the 
picture now is quite the opposite. All men 
who can fight are engaged in battle. Only 
the old and feeble are visible now, foraging 
for food, water and shelter. 

Many people here were shocked at the 
intensity of the renewed assault Wednes- 
day — after Mr. Yeltsin appeared on tele- 


vision and suggested that only military 
targets would be attacked in the future. 


targets would be attacked in the future. 
While there may be many military targets 


in the dty of Grozny, none are apparent, 
and most of the dozens of apartment 


buildings, stores and restaurants that have 
bcendestroyed so far have played no role 
in this war. 


Mr. Lobov said at a press conference. 

“Grozny will be freed from illegal armed 
units, mercenaries and criminals,” Mr. Lo- 
bov said, echoing the Kremlin’s terms for 
Mr. Dudayev's supporters. “It will not be 
stormed, but it will be liberated." 

"They can say whatever they want,” said 


“We heard Yeltsin's speech on the radio 
last night and for the first time in weeks we 
went to bed in peace,” said Katya I. Akh- 
matova, 40, who lives next door to the 
orphanage. “We thought be would be good 
to his word. But his word is one big he. 1 
am a Russian woman and 1 love Russia. 
But how can these people kill innocent 
women and children and say they are sol- 
diers?” 

In Moscow. Russian officials denied 
bombing the orphanage and accused seces- 
sionist rebels here of turning their own 
weapons against the city. 

People who were in the orphanage at the 
time it was bombed described the scream 
of the jets as they passed overhead and the 
shocking rattling of the earth as every 
window in the enormous building was bro- 


See RUSSIA, Page 2 


Koreans Claim 


Pilot Admitted 


Deep Intrusion 9 


By Andrew Pollack 

New York Times Service 


SEOUL — A senior State Department 
envoy on a hastily arranged mission to 
North Korea met with little success 
Wednesday in his quest to win the freedom 
of a captured American helicopter pilot, 
U.S. officials said. 

Thomas Hubbard, a deputy assistant 
secretary of state, entered North Korea on 
Wednesday morning and met for two and 
a half hours with Foreign Ministry offi- 
cials in the capital of Pyongyang, the State 
Department said Wednesday. 

But the Communist regime apparently 
made some harsh demands on the United 
States and did not seem inclined just yet to 
release Chief Warrant Officer Bobby Hall, 
who was captured after his helicopter 
strayed into North Korea on Dec. 17. 

[North Korea said on Wednesday that 
Mr. Hall had confessed to intruding deep 
into its territory on a reconnaissance mis- 
sion and asked for forgiveness, Reuters 


iwyi ■yii.i 

[North Korea’s official press agency, 
KCNA, in a report monitored in London, 
quoted Mr. Hill as saying in the confes- 
sion: “I admi t that this c riminal action 18 
inexcusable and unpardonable. However, 
at home my parents, wife and kids are 
anxiously waiting for my return to th em . 

[“Our intrusion deep into the territorial 
airapaoe of the Democratic People’s Re- 
public of Korea is a grave infringement 
upon the sovereignty of the DPRK and a 
flag rant violation of international law,” 
the agency quoted Mr. Hall as saying. 

[News agencies said late Wednesday, 
however, that Mr. Hall had admitted to 
“illegally intruding” into North Korea but 
not to spams'] 

Officials said that it was perhaps not 
surprising that North Korea maintained a 
hard Hne on the first day of negotiations, 
and that it was still possible a co mpromise 
could reached. 


Still, the prospect that Mr. Hall’s release 
might be further delayed is likely to in- 

.l. I r...— 


crease pressure is the United States to 
delay the execution of, or scuttle entirely, 


the recently signed nudear agreement be- 
tween the two countries. 

Showing his growing impatience, Presi- 


See KOREA, Page 2 


/f 





INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 



Spares Muslims in Condemning Airliner Hijacking 

... • j nnlitinul art« r^rried nnr in of anti-America nkm. to nrovide lecitimacv l O “’After all, he Said, , a Silvio Berlusconi stuck to hi 


By Thomas W. Uppman 

Washington Pott Senior 

WASHINGTON —In denouncing the hijack- 
ing of an Air France jetliner by four young 
Algerians, the U.S. government has carefully 
avoided linking the crime to the Muslim religion. 

The hiiackiiiR was “a grave terrorist came lor 
Which there can !* !W justification "taster, 
said the State Department spokesman, Michael 
McCuny, implicitly rejecting the bgackere claim 
to be acting in the name of Islam. 

His statement on Monday was the most recent 
manifestation of a sustained effort by President 
Bill din ton and his key foreign policy advisers to 
improve relations between the United Slates and 
the Islamic faith, a powerful and sometimes 
disruptive force in world affairs. 

Inspired partly by political considerations ana 
partly by the president’s personal religious con- 
toons, the effort is aimed at convincing the 
world’s one billion Muslims that America is not 
Opposed to their faith and at convincing non- 
Muslim Americans that Islamic doctrine and 
culture are not hostile to U.S. values. 

This message is delivered consistently in poli- 
cy statements, responses to world events and 
symbolic gestures such as Mr. Qin ton’s Novem- 
ber visit to a mosque in Indonesia. _ . 

As the hijacking statement showed, adminis- 
tration officials — like many scholars of Muslim 
teachings — differentiate between Islam as a 


religion and extremist political acts carried out in 

its name. , 

Senior officials say they recognize that Amen- 
cans often associate Islam with terrorism and 
vigflantism. The stem visage of the late Ayatol- 
lah Ruhollah Khomeini of Iran and the roundup 
of Muslim suspects in the World Trade Center 
bombing reinforced the popular impression of 
Islam as a menace, as do attacks on foreigners by 
Muslim extremists in Algeria and Egypt 
There is no doubt that many Muslims take a 
dim view of U.S. policies and American culture. 
Groups acting, or claiming to act in the n a m e of 
TJam are trying to undermine U.S. policy in key 
countries, including Egypt Turkey and the Pal- 
estinian self-government zone. 

The message from the Clinton administration, 
however, is that the vast majority of Muslims are 
not scamitar-widding fanatics but everyday folk 
going peacefully about their business, and that 
they have nothing to fear from the United States. 

The United States has excellent relations with 
many key Muslim countries, including Saudi 
Arabia, Egypt and Indonesia. 

But throughout the Middle East and Muslim 
Asia, groups and individuals that are hostile to 
the United States for whatever reason — support 
for Israel, past alliance with the shah of Iran, 
cultural inroads, failure to protect the Muslims 
of Bosnia from Serbian attacks — often don the 
traditional green cloak of Islam, and the rhetoric 


of anti-Americanism, to provide legitimacy to 
what are essentially nonreligious campaigns. 

The best example was President Saddam Hus- 
sein of Iraq, a lifelong secularist and leader of a 
secular political party founded by a Christian, 
who underwent a last-minute conversion to 
claim die 1991 U.S.-led war against Iraq’s ag- 
gresaon in Kuwait was a war against Islam. 

To counter such ploys, Mr. Clinton and his 
team are trying to convince Muslims worldwide 
that the “Great Satan,” as Ayatollah Khomeini 
branded the United States, is opposed to terror- 
ism and threatening behavior whoever it occurs, 
not to Islam as a faith. 

During Mr. Clinton's November visit to Indo- 
nesia, the world's most populous Muslim coun- 
try, bis major public appearance was at the main 
mosque in Jakarta. Asked later by an Indonesian 
reporter why he had visited the site, Mr. Clinton 
said, “I have tried to do a lot as I have traveled 
the world." 

Continuing, he said he wanted to say to the 
American people, and to the West generally, that 
“even though we have had problems with terror- 
ism costing out of the huddle East, it is not 
inherently related to Islam — sot to the religion, 
not to the culture,” 

When Mr. Clinton addressed the Jordanian 
Parliament in October, a senior official said, he 
revised the text drafted by his speechwriters to 
deliver the same message m personal terms. 


“After all,” be said, “the chance to Jive in 
harmony with our neighbors and lo ' buM a 
better life for our children is the hope tiiathnks 
us all together. Whether we worship in *.“***££ 
in Irbidfa Baptist church like my own m 
Rock, Arkansas, or a synagogue w Haifa, we are 
bound together in that hope.*' 

If the administration were to succeed in what 
amounts to a public relations campaign* it could 
undercut such extremist groups as Hamas, which 
Haims to be religiously motivated as Jt de- 
nounces U.S. support for Israel and Washing- 
ton's role in brokering Middle East peace 
agreements. 

It also might put Washington in a position to 
establish at least a working relationship with the 
Is lamic Salvation Front in Algeria, where, if that 
group conies to power, Washington hopes to 
avoid the kind of complete alienation that devel- 
oped with Iran. 

But reaching out to the Muslim world at large 
is difficult because of the nature of I s lam . Be- 
cause there is no ordained clergy in Islam and no 
central source of doctrinal authority, any Mus- 
lim can claim to be interpreting the dictates of 
his faith correctly if he chooses a path of violence 
instead of conaliation. For the same reason, 
there is no Muslim equivalent of the Pope whom 
Mr. Clinton could invite to the United States in a 
goodwill gesture. 


Security Lapses Preceded Seizure 


Ratten 

PARIS — Algeria acknowledged on Wednes- 
day that there had been lapses in security at the 
Algiers airport that might have contributed to 
the Christmas Eve hijacking of a French airliner. 

“Unfortunately, some shortcomings have be- 
come evident, as exist at any other international 
airport,” the Algerian secretary of state for coop- 
oration, Ahmed Attaf , said in a statement carried 
by the official Algerian press agency, APS. 

“We are going to correct that,” Mr. Attaf said, 
speaking of the lapses. He did not provide any 
drtfifls on what they were. 

P assenge rs had said that the airport police 
were conspicuously absent while they were 
boarding the aircraft The hijackers seized the jet 
and the passengers before takeoff. 

After being need, some of the hostages said 


they suspected two of their fellow passengers of 
being accom plices, noting that the two often sat 
in the rear of the plane and appeared to be 
looking after thing s when die hijackers were 
occupied in the front of the aircraft 
France, meanwhile, began investigating 
whether the hijackers had accomplices in France. 
The Paris public prosecutor's office started legal 
action against “persons unknown” for complic- 
ity in the attack, justice sources said. 

■ A Muslim Cleric Is Expelled 
France has quietly expelled another Muslim 
cleric known for extremist preachings, an official 
source said Wednesday, according to an Associ- 
ated Press report Maheri Han, 41, a Tunisian 
who held services at a mosque in Marseille, was 
living illegally in France, the source said. 


Algeria Is Too Risky for Press 

Civil War’s Extent and Horror Little Known 


By Youssef M. Ibrahim 

New York Tima Serritx 

PARIS — The world’s press 
has been largely shut out of the 
Algerian civil war, which has 
claimed between 600 and 1.000 
victims each month since this 
summer. 

Islamic fundamentalists 
fighting to establish a Muslim 
theocracy in the Iranian mold 
have declared Algerian and for- 
eign journalists to be prime tar- 
gets. 

According to Reporters 
Without Borders, an organiza- 
tion based in France, 26 Algeri- 
an journalists and one French 
reporter have been lolled in Al- 
gesia tins year in a deliberate 
campaign embraced by the Is- 
lamic Salvation Front, the ma- 
jor opposition party. 

The slayings were carried out 
by the party’s armed brandies, 
which are battling Algerian au- 
thorities from one end of the 
country to the other. 

Widening the war with equal 
brutality, the army has moved 
in the last year to muzzle the 
local press and keep the inter- 
national press from reporting or 
witnessing warfare that in- 
dudes widespread use of na- 
palm and executions. 

The policy is part of what 
senior commanders of the Alge- 
rian Army have dubbed a “total 
eradication strategy” against all 
Muslim opposition. 


Over the past year, the Alge- 
rian government has severely 
limited the ability of the local 
media to cover the dvil conflict 
beyond authorized news bulle- 
tins. Few visas are granted lor 
foreign reporters. 

As a result of intimidation by 
both rides, international news 
or ganizatio ns have pulled out 
correspondents and hesitate to 
press journalists to go, even on 
occasional visits. 

“The first reason is fear,” 
Robert Menard, director of Re- 
porters Without Borders, said 
Tuesday. 

“It would be a colossal risk 
for any editor to send a reporter 
to Algeria,” he continued. “For 
working journalists, Algerians 
and foreigners alike, the place is 
100 times more dangerous than 
Bosnia or Rwanda. Going there 
is like playing Russian roulette 
with a journalist’s life. Most 
editors are reluctant to make 
tins decision.” 

Alan Thomas, chief of the 
Reuters Mideast bureau in Nic- 
osia, said the agency decided to 
pull its correspondents out of 
Algeria a year ago. 

jThe advantage of having a 
dateline out of there is out- 
weighed by the security situa- 
tion, the danger to the lives of 
the reporters,” he said. 

The “blackout,” as many edi- 
tors call it, has eclipsed the pro- 
file of a war that is victimizing 


ALGERIA: Paris Gets Little Relief 


an increasing number of inno- 
cent civilians. 

After announcing that the 
number of dead was 3.000, the 
Algerian government conceded 
earlier this year that the actual 
number was closer to 10.000. 

Independent French and Al- 
gerian estimates put the num- 
ber of dead since the conflict 
began in 1992 at a minimum of 
30,000. 

The Algerian war has been 
particularly frustrating for the 
French press, which has re- 
tained a historical and emotion- 
al commitment to covering the 
North African country in view 
of its 130-year occupation. 

President Charles de Gaulle 
granted Algeria its freedom in 
1962 after a bloody war of inde- 
pendence. The French refer to 
the war raging now as the “Sec- 
ond Algerian War.” 

“1 think there are large zones 
of shadows ow what happens 
in Algeria today,” said Alain 
Fraction, foreign editor of Le 
Monde, the French newspaper 
whose correspondent covering 
Algeria now visits only occa- 
sionally for brief periods when 
she is satisfied she can enter and 
exit safely. 

“Because of these restrictions 
imposed on most of the interna- 
tional press and, more impor- 
tant, those imposed by the Al- 
gerian government over our 
largest source of information, 
.the Algerian press itself, there is 
much we dotft know ” Mr. Fra- 
ction said. 



Pascal Panm/Agcnce Fnace-Preuc 

PILGRIMS — Youths waiting Wednesday in Paris for 
die opening of a three-day congregation bringing to- 
gether some 100,000 Christians from across Europe. 


RUSSIA: Troops Escalate Assault 


Continued from Page I 

ken. There were two large cra- 
ters nearby. 

Mr. Yeltsin was sharply at- 
tacked in Moscow again 
Wednesday by his former prime 
minister. Yegor T. Gaidar, who 
said the president was losing his 
grip over real information, 
which was leading to “fatal po- 
litical mistakes.” 

“We and the president, it’s as 
if we live in different worlds of 
information,” Mr. Gaidar said. 
“He has a different picture of 
what’s happening in Chechnya 
than myself and my colleagues 
in Grozny, and most Russians.” 
Mr. Gaidar said the expense 
of the war could destroy the 
hope of economic stabilization 
in 1995, and that Mr. Yeltsin 
seemed to be moving away from 
the idea of democratic reforms. 

He would do nothing to help 
the enemies of democracy or to 
destabilize the country, Mr. 
Gaidar said, but he could no 


longer fully support Mr. Yelt- 
sin’s policies. By that, he said 
be meant not only Chechnya, 
“but a very serious change of 
political course that has taken 
place within the last few 
months” 

Mr. Dudayev, who appeared 
on television Tuesday to urge 
his people to fight to the death, 
made no public comments or 
appearances Wednesday. The 
only open road from the city, to 
the south, was filled with refu- 
gees dragging every possession 
they could stuff into their over- 
burdened cars or buses. 


Kohl Plans to Visit Baflador 

Ratten 

PARIS — Chancellor Hel- 
mut Kohl of Germany will visit 
Prime Minister Edouard Baha- 
dur on Jan. 5 at Ins winter home 
in Chamonix in the French 
Alps, the French official’s of- 
fice announced Wednesday. 


KOREA: 

Talks Unfruitful 

Qmtianed from Page 1 
dent Bill din ton, in a rather 
testy tone of voice, called 
Wednesday for Mr. Hall's re- 
lease. 

Mr. Clinton, however. Side- 
stepped a question at a press 
conference on whether the 
United States would caned a 
$4.7 million fuel ofl delivery 
that is scheduled to be made 
next month to North Korea un- 
der terms of the nudear agree- 
ment 

He also said it was premature 
to say anything about Mr. Hub- 
bard’s negotiations with the 
North Koreans. The State De- 
partment spokesman, Michael 
McCuny, also declined to dis- 
cuss the contents of the talks. 

But Representative Lee H. 
Hamilton, the Indiana Demo- 
crat who is the outgoing chair- 
man of the House Foreign Re- 
lations Committee, said in a 
television broadcast on 
Wednesday that be had heard 
that the talks between Mr. Hub- 
bard and the North Koreans 
“were not very satisfactory,” 
and that meetings between mili- 
tary officers of the two nations 
might be needed next. 

Other officials suggested that 
North Korea told Mr. Hubbard 
that its army was convinced the 
helicopter had been on an espi- 
onage mission and had not 
strayed across the border acci- 
dentally. Pyongyang also 
pressed for an apology from the 
United States. 

It also expressed its desrefor 
a peace treaty with the United 
States, to the exclusion of South 
Korea, to formally end the Ko- 
rean War. 

“What he beard so far has 
been fairly familiar,” said a 
U.S. official. He added that 
North Korea was insisting on 
things that “are politically im- 
possible for us,” because the 
United States would not sacri- 
fice its alliance with South Ko- 
rea to appease the North. 

Mr. Hubbard, the highest- 
ranking U.S. executive branch 
official ever to visit North Ko- 
rea, did not get a chance to see 
Mr. Hall, whose helicopter was 
either shot down, crashed or 
made an emergency landing. 
Mr. Hall’s co-pilot. Chief War- 
rant Officer David Hilemon, 
was killed in the incident; his 
remains were relumed lo the 
United States last week. 


— Musconj srodc tohis 

ROME (AF)rJ Wednesday with the presir 
call for quick elections m a for a way out of its 

dent, who is sounding out my* P 8 ™” 

political mess. . i act week but is still running the 

Mr- Beriuscom, w ^^J^T%ponents called in by 
government a media magnate’s opponents 

President Oscar Lmgi Selections farther 

want him out, a new governing coaoum 

down the road. , than returning to the voters to 

JS!SS\ si£? srassa *. 

meeting with Mr. Scalfaro. ■ 

Le Pen Is Ordered to Pay Bade Taxes 

PARIS (AFP) — Tax authorities have issued a demand for 

ffiSSBSBHSa- 

Pr r£$fiSls have concluded that Mr. Le Pen either averted to 
mi to S items on his tax declarations or toeranmated 
aide to Mr. Le Pen, and 

could not immediately be reached, dismissed <he report as “fanta- 
sy” 

Turks Warn Europe on Xenophobia 

ANKARA (Reuters) — TWkey said Wednesday feat Europe 
should be more determined in opposing xenophobic violence 
a gains t Tories working abroad. 

"Turkey is very concerned that the xenophobia in Europe is 
t u r n ing into acts of violence and constantly warns the relevant 
axmtnes about it,” said the Foreign Ministry spokesman, Ferhat 

A taman. , 

Turkey formally asked Germany on Tuesday to investigate 
whether a weekend fire that killed a Turkish national and his son 
hn/3 been started by rightist extremists. The German police said 
Wednesday that there was no indication of neo-Nazi involvement 
in the fire. Turks and other foreigners have been frequent targets 
of neo-Nazi violence, which has kffled at least 30 people since 
1990. 

EU Could Sink Tories, Major Says 

LONDON (AF) —Prime Minister John Major, in a bleak New 
Year’s m*s &*g* to supporters, said divisions over Britain’s rela- 
tions with Europe threatened to destroy his governing Conserva- 

t *'ri^§aiservatives are m record levels ctf unpcpularity and most 
Britons believe the Labor Parly will form the next government. 
“Our work,” Mr. Major said, “is at risk.” 

He said the European Union was the “one issue above an others 
which threatens to destroy our party from within.” He cited peace 
and free trade as the key advantages of the 1 2-nati on EU, and 
as ser ftyt that his adminis tration had “won fee argument to ensure 
rti»f Europe intervenes as little as possible in our everyday lives." 

U.S. Protests Removal of Kenyans 

NAIROBI (Reuters) — The United States joined protests on 
Wednesday over fee remoral of hundreds of homeless Kenyans 
and urged Kenya’s government to respect their baric human 
rights. 

The people, victims of ethnic clashes in 1993, were abruptly 
moved by the police out of their camp at Maria in the western Rirt 
Valley region over the Christmas weekend. Still waiting for land 
promised them, they spent a fifth day on Wednesday in harsh 
c on ditions at impromptu sites on open ground between 60 and 90 
kilometers (40 to 55 miles) from Maria. 

“Haring pledged over $3.5 million in financial aid to fee.4 
resettlement of Kenyans displaced by ethnic clashes, we cannot" 
condone a process which is not transparent and which breaches 
fee human rights of ordinary citizens/’ the US. Embassy said. 

China Aide Offers Uong Kong Talks 

HONG KONG (AFP) — Foreign Minister Qian Qicfaen of 
China told a Hong Kong delegation on Wednesday in Begins that 
he is ready to visit Britain to discuss the territory's future, Hong 
Kong news media reported. 

Mr. Qian was quoted as telling members of the Democratic 
Alliance for fee Betterment of Hong Kong, a pro-Beijing political 
party led by Tsang Yok-shing, that he would agree to an official 
trip to the British capital. 

“The course of Qnnese-British relations has now been fixed,” 
Mr. Qian reportedly told the delegation, according to local radio 
and television stations here, but his remarks were not part of a 
Xinhua news agency account of the meeting. 

FortheRecord 

Walter &suhi, fee veteran South African Mack leader and a : 
friend and former mentor of President Nelson Mandela, was 
doing much better Wednesday, a spokeswoman at a Johannesburg 
hospital said. He had suffered mild heart failure, (Reuters) ' 


Contiraed from Page 1 
Group said the hijacking was in 
reprisal for French aid to fee 
Algerian government, senior of- 
ficials here went out of their 
way to insist that France had 
not taken rides in Algeria. “We 
would like it to know peace and 
to know it through democracy,” 
Mr. Bahadur said. 

While Mr. Pasqua has always 
argued that democracy and Is- 
lamic f iindamgntfllism are in- 
compatible, fee interior minis- 
ter also stressed Tuesday feat 
he had no differences wife For- 
eign Minister Alain Juppe, who 
has encouraged Algiers to nego- 
tiate wife opposition groups. 

Yet Paris still seems unsure 
whether a more even-handed 
approach to Algeria’s troubles 
would make any difference in a 
conflict where, in the words of 


the daily Le Monde, “the logic 
of war” seems to have taken 
hold. 

What is clear is that France, 
which ruled Algeria for 130 
years before it was defeated in a 
independence war in 1962, can- 
not easily extract itself from in- 
volvement in the country’s new 
war. France and Algeria remain 
tied to each other tty painful 
memories and present realities. 

That war tore France apart, 
with many French still unwill- 
ing to forgive Charles de Gaulle 
for granting Algeria indepen- 
dence. Yet Algeria’s revolution- 
ary government soon looked to 
Paris for help. And today, fee 
warring factions still expect 
France to play a role. It is as if 
the two countries have shared 
too much history to be able to 
go their different ways now. 


CLA: Woolsey Resigns After 2 Years as Chief of U.S. Intelligence Service 


Continued from Page 1 

1993. But he faced one storm after another 
in his 23 months at the helm of the CIA 

Days after he took over, he learned that 
there was a suspected traitor inside the 
agency. A year later came fee arrest of Mr. 
Arnes, a career CIA officer who betrayed 
at least 10 Soviet agents secretly working 
for the United States. He had spied for 
Moscow for nearly nine years, undetected, 
despite what were in hindsight painfully 
obvious warning agns. 

The case made the CIA a laughingstock. 
While Mr. Ames was caught on Mr. Wool- 
sey's watch, and while he instituted 
changes as a consequence of fee case, the 
director absorbed the political equivalent 
of a public whipping. The criticism intensi- 
fied when Mr. Woolsey meted out repri- 


mands — not demotions or dismissals — 
to 11 present and former CIA officers 
involved in the case. 

“This is a superbly qualified, highly in- 
telligent guy who walked into a buzzsaw 
feat was none of his making in fee Ames 
thing,” said William E. Colby, director of 
central intelligence from 1973 to 1975. 

In fee Ames case and in other CIA 
affaire, Mr. Woolsey often behaved like a 
man walking two tightropes at once. He 
tried to shore up fee CIA’s morale by 
protecting and defending it from wide- 
spread public criticism. At the same time, 
he tried to accommodate fee agency’ s con- 
gressional overseers, many of whom think 
fee CIA has lost its way and needs a shake- 
up. 

In the end, be satisfied almost no one. 


according to White House, congressional 
and agency officials. 

Immediate speculation about a succes- 
sor centered on fee deputy secretary of 
defense, John Deutch; the former director 
of the State Department’s intelligence bu- 
reau, Morton Abramowitz; former Sena- 
tor Warren Rodman, a Republican who 
served on the Senate intelligence commit- 
tee until his 1992 retirement from Con- 
gress; and the deputy director of central 
intelligence, Admiral William Studeman. 
Admiral Studeman is likely to serve as 
acting director of central intelligence until 
a successor is named. 

The director of central intelligence has 
two jobs, serving as the chairman of the 
board of all the nation’s intelligence agen- 
cies and as the chief executive officer of the 
CIA 


TRAVEL UPDATE 

Eurostar Will Increase Departures 

LONDON (Combined Dispatches) — The London-Paris high- - 
speed train service through the Channel Tunnel will increase its ' 
frequency on Jan. 23 from two to four trains a day with a fifth on 
Fridays, Eurostar announced Wednesday. The high-speed service ' 
from London to Brussels will increase from two to three a day. • 

In a related development, the channel ferry company P&O * 
announced a fare of 9 francs ($1.65) for a same-day return trip 
between C a lais and Dover for foot passengers. The promotional - 
offer is available only to French passengers through the regional'' 1 
newspaper La Voix du Nord. The standard one-day round-trip - 
fare is 240 francs on P&O and 1 10 francs on its main competitor, 
Sealink. 

The Polish airtine LOT said it had signed agreements with ’ 
Lufthansa, Austrian Airlines and Swissair to open new service 
between Warsaw and Berlin, Vienna and Krakow, and Zurich and' : 
Krakow. (AFP) ~ 

Belgian trackers hare extended roadblocks to cities in southern ' 
Belgium, including Mons, Arion, Lifege and Charleroi. Bdgjan ' 
radio said. The trackers, who are protesting a new highway tax, 
are stopping trucks but allowing cars to pass. (Reuters) 

.K« a SJ n - WiD t ?-, 14 <tays from current five fee period- 

that /omot from 12 countries can stay without visasTan ’ 
offic^ smdW<gn«day jhe countries are Britain, FranSGei- 

Belgium, Luxembourg, feeUnit- 
ed Stales, Japan, Canada, New Zealand and Australia. ( Reuters h 


tl 


To call from country to country, or to the U.S., dial the World Phone® 1 number of the country you're calling from. 


Improve 
The World's 
Economy 


Antigua 

{Available from public 

Argentina* 

Aasofe'OQ* 

Bahamas 

Bahrain 

MofamtlCO* 

BwimxfM- 

BoSvia* 

Bnza 
Cbwx^cct 
Cayman Mantis 
CWterca 
CofambWcQ. 

Crab fOcs* 

CypntS* 

Czech RepubfcTCCl 


card phones only.) 4? 
001 -800- 333-nil 
022-903-012 
1-800-824-1 000 
800-002 
0800-10012 
1-800-023-0484 
0 - 800-2222 
000-3012 
1-800-888-8000 
1-800-824-1000 
QQ-r-0316 
880 - 18 - 000 ) 
162 
080-90000 
OO-42-OOflI 12 


DiflRHikiCCh 
Dominican Republic 
Ecuador* 

Egyppec* 

(Outside of Cairo, dial 
EE Salvador* 
RnbndrCCJ* 

Fran career. 

Cambio* 

Germany! CC) 

(Limited availability in 

GrmceicCH 

Granada* 

Guatemste* 

HaitiCCM- 

H o wi u w- : 

Hunga^ 0 * 


8001-0022 

1-800-751-662* 

170 

02 first) 355-5770 
195 

9800-102-00 
IJv-00-19 
00-1-99 
0130-0012 
eastam Germany.) 

00 - 800 - 121 ) 

1-800-624-8721 

189 

001-800-444-1234 

001-800-674-7000 

OOv-800-01411 


9894)02 
(Special Phones Only) 
hvlaftdtCO 1-800-56-1001 

kraaKCO 177-160-2727 

tteWHXM 172 1022 

800-674-7000 

Kenya 

(Available (rom most maror cities.) 08001 1 
Kuwait e0O-WC7(8O0-624) 

LabanonfCC) 600624 

(Outside of Beirut dial 01 first.) 425-036+ 
Ua ctrtetm s bilCCM 155-02Z2 

Luxembourg 0800 0112 

MealcM 96-800-674-7000 

Monaco) CO, 19*-00-19 

pletfwrtatdsiCO, 06022-31-22 

Netherlands AmBaelCCVt 001000-960-1022 


Nicaragua* CO 
(Outside of Managua. 

ftorwsyrco, 

Panama 

Military Bases 
Paraguay]- 

Pam lOuCido of lima. 

PolandtCQ 

PertugekCO 

Puerto Rico) CO 

Qatari cci* 

ftotnanra'CCi-s 

Rusgia'CCi+ 

San MarlnwCO, 
Saudi Arabia 
Stew* RopubfldCO 
South AiricaiCO 


dial 02 first,) 


166 
800-19912 
108 

2810-108 
008-11-800 
dwllSGfirsi.l 001-190 
0»-01^ -04-800-222 
05-017-1234 
1-600-888-6000 
0800-012-77 
01-800-1800 
8V 1 0-500-497 -7222 
112-1022 
1-800-11 
00-42-000)12 
0800990011 


SpabriCCi 
Smadanico, 
SwttzarteiNftCO, 
Syria) CD 

Trinidad & Tobago 

Turitev* 

Ukrsinn- 


800994)014 
020795-922 
1550222 
. 0800 
(Special Phonos Only) 
008001-1177 
8TT0O13 


800-111 


WO^^NE 


United Arab Enanom 

Urdiati Kingdom) CO 
To call the U.S. using BT 0fiOO-8S-02» 

1 ° ca J lhe U -S- mlng MERCURY 05C»S<Sa 
To call anywhere other than the U-S. 

UraggaytColtennatavailaWaJ ^^oootl 

v-n-wu*. «E35 


It Take You Around Th* 








"5 *>•.. 


. •••-^» 


-t,. 

■z: :;-fcJ0 4. ■ 

•-C JJX 




-V - - : >-d , 




: - : 7^H> 
. v. : 


r-.-..jr 






~~ . -" ■'-£ i v: 




. "’•'' ‘i,; 

“",■ • *5 


V>-^J c> |j&k> 


WK AMERICAS / 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 


Page 3 


^-LllLLLtt i/ NOTES yp 


Loss Wins agriculture Nominee His Goal” 

.Kansas. President Bill cSnEKrt? 11 '’* D l n G]ickman of 
secretary of agricult u» mli°" ^ ho,Ctf lo k-eome the next 
win by losing. " ^ ' cl P TOVC that it is possible to 

Mite Spy k of^SSSnS C n° ?l ^ *-* out to 

Apiculture Comm^e PP N 0 w 'XT ™ mbcr °‘‘ ,hc 
defeat seven weeks ; n u- Y JI,cr an tVen more stunning 

Glickman has Snlm ??* disI {?« of Wichi “- Mr 

Even a s S* 10 \ hc °™<* *« coveted, 

way to endear himsclf’ro ,iJ?ui ma "‘ S,d no! &o out of his 
ratification of the global tra!f» '* mc H ° use - voting against 
made a priority 8 dC accord ,hal Mr Clinton had 

■£? S nine L-rms in C ongn:ss *. a 

president .ha. '** 

availability. 06 uise lo on his sudden 

While ^ouse n rJ^> rnial ' y j OUnced ,hc nomination at a 

Samrda E y P He' V r h0 h ■’ “? ^ did MhinV»™™re^do»n 
in^in. i„.^ n; 5 the S “5 J,Kl ° r a speeial proSulor's 
SSJ.?nd™ri h of P‘ane rides end other favors 

tram industries regulated by the department. f ,V >Tj 


Revisionist Democrats Put the Blame on Their Liberalism 


Clinton Still Has His Many Adm irers 


RcnnhHn Y °^ K i~ Hc ma - v have lakcn a bating from 
.Kcpubhcans in last month's midterm elections, but Mr. 

J- union is the most admired man in America, according to a 
new public opinion survey. 

The CNN / USA Today poll of 1,016 Americans, conduct- 
ed b> the Gallup Organization, found former President 
Jimmy Carter to be the second most admired man. Sitting 
presidents, the pollsters said, usually take the top spot. 

Hillary Rodham Clinton tied with Nobel Peace Prize- 
winner Mother Teresa as most admired woman. (Reuters) 


By Kevin Merida 

WadnngiPK P > nr Stamp 

WASHINGTON — There was a time when 
Democrats proudly embraced the New Deal and 
the Great Society, when they defended their 
liberal traditions of battling discrimination, 
helping the poor and protecting the rights of 
union workers. 

But these days, a growing number of moderate 
and conservative Democrats say the party des- 
perately needs an image make-over. Shaken by 
their shellacking in the November elections and 
fearful that their party could become irrelevant, 
these Democrats are arguing that the pony 
Should move right lo gel to the center. In doing 
so, they are raising a critical question: Is it finally 
time lo pronounce the death of Democratic 
liberalism? 

“Democrats are really defensive about their 
party,** said former Senator George S. McGov- 
ern, the party's unsuccessful 1972 presidential 
nominee and one or its liberal luminaries. “It's 
almost as though people don’t want to say ‘liber- 
al.’ Democrats have quit fighting They don’t 
defend the traditions of the party, die good 
programs of liberalism.’’ 

Republicans have pledged to dismantle man y 
federal social programs. Declaring that there 
soon will not be any liberal Democrats left, the 
broadcaster Rush Limbaugh joked at a recent 
dinner with incoming House Republicans that 
they should keep a few liberals around, kind of 
like preserving fossils in a museum, so that the 


The Democratic Party's preelection search 
for new definition shifts to Capitol Hill next 
week when the 104th Congress convenes. By 
now, liberal Democrats should be accustomed to 


“If the 1994 midterm election signaled any- 
thing, it was the death of the New Deal political 
alignment and the programmatic approaches it 

MiAtiMdA ** 3 — . * v r— » 


wired,” the council's president, Al From, and 
institute's president. Will Marshall, wrote in 


NEWS ANALYSIS 


next generation would know what the species 
looked like. 


this ritual. When the party suffers at the polls, it 
is often liberal ideas, liberal candidates and liber- 
al constituencies that are blamed. 

It happened after Jimmy Carter lost the presi- 
dency in 1980 following a divisive primary chal- 
lenge from a liberal senator from Massachusetts, 
Edward M. Kennedy. It happened after Walter 
F. Mondale was trounced in the 1984 presiden- 
tial election following his acknowledgment that 
he would have to raise taxes. It happened again 
four years later when a once- successful governor, 
Michael S. Dukakis of Massachusetts, was 
turned into a card-carrying American Civil Lib- 
erties Union member who let prisoners out on 
weekends. He, too, became symbolic of the Dem- 
ocrats' liberal excesses. And now it is happening 
again. 

The party's moderate and conservative voices 
have been dominating the postelection mega- 
phone. Leading the charge have been the cemrist 
Democratib Leadership Council and its public 
policy aim, the Progressive Policy Institute. 
Their critiques of the party’s failings have spared 
no one, not even President Bill Clinton, one of 
the council’s founders, who was upbraided at a 
recent meeting for abandoning his principles as a 
"New Democrat." 


the institute's president. Will Marshall, wrote in 
the latest issue of the council's magazine. The 
New Democrat. 

The two argued that the elections actually 
liberated Democrats by “sweeping away the in- 
stitutional underpinnings of the liberal status 
quo: seemingly perpetual Democratic control of 
congressional committees and long-standing re- 
lationships with favored constituencies and 
interests." 

Mr. McGovern, who teaches a foreign policy 
course at George Washington University here, 
said be has been wearily watching as Democrats 
struggle to redefine themselves. As he sees it, the 
party should not try to out-Republican the 
Republicans. 

“We are a liberal party, the Republicans are a 
conservative party," he said. “And the battle 
lines ought to be drawn on that basis. It's hard 
for me to believe we really lost because we went 
too far to the left I rather think it's our timidity 
about presenting a liberal agenda." 

Many liberal Democrats maintain that the 
latest election was not a referendum on their 
party ideologically but a referendum on them as 
communicators and strategists. 

“I Lhxnk Democrats are not correct if they 
think they have the wrong message," said Louise 
M_ Slaughter, a liberal-leaning representative 
from upstate New York. “The problem was they 
had no message." 


Poor communication? No message? “That's 
the s ame old warmed-over excuse." said Repre- 
sentative Dave McCurdy of Oklahoma, the 
council chairman, who lost a bid for the Senate 
this fall 

“The Democratic Party can’t keep repeating 
the New Deal and the Great Society," added 
Representative James Cooper, a moderate Dem- 
ocrat who also was defeated in his bid for the 
Senate. The Tennessean cited Mr. Clinton’s 
failed health care plan as the embodiment of the 
old liberal tradition of big government as prob- 
lem-solver, 

“Part of the problem,” said Barney Frank of 
Massachusetts, one of the leading liberals in the 
House, “is the left imposes higher standards for 
its political support than the right.” When the 
Democrats are in power, he said, all of their 
constituencies expect their interests to be ad- 
dressed quickly and with little compromise. 

“Clinton tried to do something about grazing 
fees," he said. “He angered mining and gr az i n g 
interests for trying, and the environmentalists 
got mad at him for not succeeding." 

Some liberals, tired of being treated as scape- 
goats, are starting to organize. The Reverend 
Jesse L. Jackson’s Rainbow Coalition is holding 
a conference of elected officials, environmental- 
ists, labor leaders and other traditional liberals 
during the week Congress convenes. Mr. Jackson 
has talked of challenging Mr. Clinton as an 
independent in 1996 and said he is beginning to 
“build an organization and an infrastructure” 
from the remnants of his 1988 presidential 
campaign. 


Yes, Some Candidates Are Real Crooks 


CHICAGO — In a city where politics is often played as a 
g±mc ol organized revenge and human frailly is not some- 
thing one fends to advertise, an unlikely new theme is being 
bruited about by hardened operatives — the politics of 
redemption. 

Taking a cue from the strategy that swept the former 
mayor of Washington. Marion S. Barry, back into office last 
month despite a cocaine possession conviction, five Chicago- 
ans with criminal histories are seeking their own public 
salvation, vying for seats on the City Council. 

They have declared their intentions despite a new Illinois 
law that seeks to block felons from running for municipal 
office. But many legal experts suggest that the law may prove 
unconstitutional because it provides a stricter standard for 
municipal offices than it does for statewide offices. 

"If Barry can do it, why can’t we do it?" asked Tom 
Hendrix, a Democratic candidate for alderman who served 
four years in prison for soliciting murder for hire. ‘T made my 
mistake, like a lot of people do. But are we supposed to pay 
for it, over and over, the rest of our lives?" (LAT\ 





Quote/il n quote 

Former President George Bush, who once served as direc- 
tor of central intelligence, on criticism of the CIA over the 
Aldrich Hazen Ames spy case: "Now the CIA is under attack 
again. People want to take the Ames mole case and use that 
W to bash the CIA. Some suggest the agency should be in the 
i* State Department. Some say we no longer need the types of 
| intelligence CIA provides the president. How wrong those 
I views are." f Reuters) 









Timy WesnofOe/ISr AuociMd Piai 

SWUNG IN WINTER — A rower stroking in spring-Eke weather on the Charles River in Cambridge, Massachusetts. 


Colleges Restrict 
Advanced Credits 


Away From Politics 


By William Cdis 3d 

yew York Tima Service ■ 

NEW YORK — For more 
ihan 40 years. Advanced Place- 
ment tests have become a stan- 
dard fixture in high school for 
America’s ablest students. 
While they attended high 
school, they earned college 
credit by taking demanding 
classes ranging from art and 
Latin to calculus and physics. 

But as the number of Ad- 
vanced Placement courses — 
and students taking them— has 
proliferated, more and more 
colleges and universities are 
lightening the number of cred- 
its they will award to. students. 

Some institutions have in- 
creased the minimum test score 
they will accept. Othere are re- 
fusing to accept the credits at all 
as substitutes for college work, 
raying that as they have rede- 
signed curriculums, the tests 
have become outdated. 

All of this puts students like 
Adriana Izquierda, a 
old freshman at Johns Hopkins 
uivSSrin Baltimore, m an 
unexpected spot- During her se- 
nuuvear in Buffalo. New York, 
Ms izquierda thought she had 
u&enenougb ad^KjdP^ 
meat courses to skip her fresh- 
SS year of college and saw the 
The tests cost about $72 
SS^aboul S22 a owM, fa f 

ton the actual cost ofa 


student she felt it had a stronger 
science curriculum and more re- 
search opportunities. But Johns 
Hopkins, like a small but grow- 
ing number of private, competi- 
tive colleges, was unwilling to 
give her credit for all the- 
conrses. .. _ 

After she enrolled, she 
learned that the college would 
give her only 22 credits, leaving 
her 2 short of the minimum 24 
credits Hopkins requires of 
sophomore students. That 
meant she started as a second 
semester freshman.. 

“I was surprised and star- 
tled,” die said, “that they didn’t 
accept more" 

The c hangi n g attitudes of 
some institutions toward the 
advanced placement tests come 


• Edward J. Leary, 49, was imficted by a 

grand jury on charges of carrying the fire- 
bomb that injured more than 40 people on 
a subway Dec. 21 as pan of an extortion 
plot against the New York City subway 
system. (NYT) 

• A federal judge has issued a prefiminary 

injunction preventing Oregon from putting 
into effect its voter-approved assisted-sui- 
cide law until a court can decide if it is 
constitutional. (AP) 


• Orange County, California, Should help 
replenish its drained treasury by filling up 
its dumps, said William Stoner, a county 
supervisor. The county has an abundance 
of landfill capacity that it could sell to 
other areas, he said (AP) 


other areas, he said (AP) 

• After 14 years of leadmg tourists through 
the Reverend Martin Luther King's birth- 
place and tomb, the National Park Service 
has been ordered off the property by Mr. 
King’s family in a dispute over conflicting 
plans for another building at the site (AP) 

• US. hospitals registered 367 million out- 


patient visits in 1993, up 5.3 percent from 
1992 and up 75 percent from a decade 
earlier, the American Hospital Association 
said. Of 22.8 million operations performed 
during 1993, 55 percent were done on an 
outpatient basis, compared with 24 per- 
cent in 1983. (AP) 

• In an effort to improve its image, the 
toolmaker Snap- On Inc, of Kenosha, Wis- 
consin, has ended a 12-year tradition of 
distributing calendars showing female 
models displaying the company’s prod- 
ucts. The 1995 calendar has photos of 
vintage cars, (AP) 


Mexico and Rebels Act to Ease Tensions 


Compiled by Ovr Staff From Dispatches 

MEXICO CITY — The 
Mexican government and re- 
bels have moved to reduce ten- 
sions in Chiapas State, with the 
rebels welcoming government 
efforts to open a dialogue and 
President Ernesto Zedillo Pon- 
ce de Le6n ordering some 
troops out of the area. 

The rebels of the Zapatista 


response that the government 


saw “encouraging signs" in the from the Zapatistas for more 


as more students are taking the National Liberation Army said 
tests — a record of nearly that they “saluted” the govem- 


rebel statement. 

“The president of the repub- 
lic has given instructions to the 
Defense Ministry to withdraw 
its troops and end its operations 
in the towns of San Quin tin and 
Monte Libano.” the ministry 
said. 

The two towns, on the edge 
of the Lacandon jungle in east- 
ern Chiapas, are close to the 
rebels’ stronghold. Military op- 


thari a week had concerned 
many in the government, who 
wondered if the rebels were 
planning a repeat of their upris- 
ing that began last Jan. 1. 


the unrest before 
took effect Jan. 1Z 


400,000 in 1994. Colleges en- mean's acceptance of a civic rebels’ stronghold. Military op- 
courace this by tnVin £ the tests group led by a Roman Catholic orations there in recent days 
into consideration for admis- bishop to mediate between the’ had been decried as provocative 
sion and for merit-based schol- two sides. by the rebels and critics of the 

arshins. The Interior Ministry said in army. 


In their statement, the rebels 
said they recognized the Interi- 


arships. 


had been decried as provocative tween the two sides via the dollar last week and the curren- 
by the rebels and critics of the National Mediation Commis- cy continues to slide, 
army. sion, headed by a Roman Cath- (Reuters, AP) 


Milton Pitts, Barber to 4 U.S. Presidents, Dies at 82 


rvpicS college-level course. 

' Harvard University, ,whi<± 


"«dir for aB her advanced 

placement classes, 


New York Tima Service 

WASHINGTON — Milton 
Pitts, 82, barber to four Repub- 
lican presidents as well as to 
other political celebrities and 
prominent entertainers, died of 
heart failure cm Sunday. 

Over a period of two decades, 
Mr. Pitts charged Presidents 
Nixon, Ford, Reagan and Bush 
$25 for a wash, haircut and 
blow-dry, disdaining high- 
priced fellow barbers. 


His personal politics, “Re- greasy kid stuff,” or hair oiL refinery, which was destroyed 
publican as they come,” accord- He managed to dissuade during Worid War H and later 

“ them from such applications, rebuilt 


ing to his daughter, Barbara, , _ . 

se e m e d to have played into his Mr. Pitts said, and to allow the 
- Sessional life as well, since barber to work them toward 
idents Carter and Clinton what he called “the oval look. 


rejected his services. But at least 
one Democratic hopeful, 
George McGovern, got his hair 
cut by Mr. Pitts at ms shop in a 
Washington hotel. 

Mr. Pitts had definite ideas 


Attilio Monti, 84, Founder 
Of Italian Publishing Empire 


In 1966, he branched into 
publishing and purchased II 
Resto del Car lino, Bologna’s 
main newspaper. His company, 
Poligrafici Editoriale SpA. also 
owns two national newspapers: 


BOLOGNA (AP) — Attilio L* Nazione of Florence and II 
Monti, 84. a self-made oil man Tempo in Rome. 


Dozens Killed in Venezuela 


who later founded a publishing 


Ernies, rateulus and biology. 

in Ihc *>p^ 


and placing tier m 

more class. . . 

instead, Ms. Izquierda deod- 
edw go “ Johns Hopkms U 
~£ty, because as a premed 


about bow to make his most empire, died Friday in Antibes, 
prominent customers look what France, his company said Tues- 


It also publishes a television 
m a gazi n e ; and operates a news 


His price on Nov. 29, his final that Richard Nixon, Gerald R. 
rfiiv ofbarbering before he en- Ford and Ronald Reagan used 
Sd tlreho^ was $35. a lot of what he called “that 


day. 

Mr. Monti began selling gas- 
oline at age 17, becoming an 
agent for the state-owned oil 
company Agjp. He then built a 


agency, a printing plant and an Two buses collided Wednesday 
advertising company. Its non- and one ruptured a pipeline, 
media holdings include hotels setting off an explosion and fire 


in Bologna and Milan. 

Hatem Hnssehri, 54, a Pales- 


that killed dozens of 
fidals said. It was 


tmian academic and a leader of death toD might reach 50. 


This prc sti 5 ious conference will asses., the 
ncw developments in France following the 

Presidential elections anti will feature key 
tietnlx-TS of the new government in addition 

to major industrialists and llnance and 

ment leaders from aro und the world. 


THE NEW FRANCE 

Implications for Global Business 


Ifcralb^^^Sribunr 


LE GRAND HOTEL, PARIS 
OCTOBER 17-18, 1995 


1 ■ • I • I B I 

Iriaoii 

dr. rrlllki,. 
mu-raMitnuIn 



jt*. . 


Texas Replaces New York 


yls No. 2 in Population 


New York Tima Service 

WASHINGTON — Population estimates for 1994 issued 
by the Census Bureau show that Texas has surpassed New 
York as the second most-populous state. 

Census officials said New York had dropped to third 
because fewer people moved there from other parts of the 
country. 

“New York is a study in contrasts," said Edwin Byerly, a 
Census Bureau statistician. “On the one hand, New York has 
the second highest rate of international migration, but it's last 
in terms of the rate of domestic migration." 

The report showed California was the most populous state 
with 32.4 million people, Texas second with 18.4 milli on and 
New York third with 18 2. milli on. 

Nationally, immigration continued to {day a significant 
role in raising population, the Census Bureau said. About 30 
percent, or 762,000, of the national population growth was 
attributed to immigration. 

The number of Americans grew by 1 percent, to 260.3 
million in 1994, from 257.8 million in 1993. 


Fragmenting Bullets 
Held Back by Maker 

Delay Prompted by Outrage 


A lack of communication ohc bishop in Chiapas State, 
jm the Za patistas for more Samuel Ruiz, 
an' a week had concerned Bishop Ruiz, a fierce defend- 
any in the government, who er of indigenous rights, has 
indexed if the rebels were been staging a hunger strike for 
inning a repeat of their upris- the last week to push for new 
y that began last Jan. 1. talks. 

,, , , „ . . . The Mexican currency has 

More than 145 people died m badly hit by political un- 
1 bef0 « a ccaso - fire certainty parked by the Chia- 
ok euect Jan. \J~ pas situation, as wefl as by more 

In their statement, the rebels general concerns about the 
id they recognized the In ten- health of the economy. The gov- 


ot Ministry as a valid represen- eminent devalued and then 
tative in any future contacts be- floated the new peso against the 


Complied by Our Staff from Dispatches 

NEW YORK — A business- 
man’s boasts that his new frag- 
menting handgun bullets make 
an “incredible wound" have 
provoked outrage and calls for 
legislation to ban the ammuni- 
tion. 

Now, the reaction has forced 
the businessman, David A. 
Keen, chief executive of Signa- 
ture Products Co„ to stall pan 
of the project. 

“We warn to be a responsible 
manufacturer,'' Mr. Keen said 
Wednesday in announcing that 
he would delay the release of an 
armor-piercing variety or the 
amm unition 

Mr. Keen, whose company is 
based in Huntsville, Alabama, 
had said earlier this week that 
“the beauty behind" the ammu- 
nition “is that it makes an in- 
credible wound that makes the 
target stop and worry about 
survival instead of robbing and 
murdering yon." 

“There’s no way to stop the 
bleeding,” he added. “1 don’t 
care where it hits.” 

One of the bullets, Rhino- 
Ammo, is supposed to fragment 
on contact with the human 


body, breaking up into thou- 
sands of tiny shards that tear 


Yasser Arafat’s Fatah organiza- 
tion, died of cancer on Tuesday 
in Jerusalem. 


Faimy Cradock, 84, Britain's 
first celebrity television chef, 
has died, a spokesman said 
Wednesday in London. 


The Associated Press 

MATURJN, Venezuela — 


sands of tiny shards that tear 
open a hole in the flesh the size 
of a grapefruit. 

The other new bullet, the 
Black Rhino, is designed to cut 
through a bulletproof vest, then 
fragment into many pieces, 
causing a massive wound. 

Law enforcement officials 
and gun-control advocates de- 
manded federal action to ban 
the new bullets. 

Senator Daniel Patrick Moy- 
nihan, Democrat of New York, 
said there was “something sick" 
about Mr. Keen's comments. 
He said he would propose legis- 
lation to ban the bullets if fed- 
eral regulators did not block 
them. Another New York Dem- 
ocrat, Representative Charles 
E. Schumer, has proposed 
House legislation. Congress re- 
convenes next week. 

In a broadcast interview on 
Wednesday, Mr. Keen said be 
had made “a management deci- 


sion to put the Black Rhino on 
hold" even if it was approved 
by federal authorities. But he 
said he would proceed with 
plans for the fragmenting Rhi- 
no-Ammo bullet, in 9mm and 
.45-caliber versions. Federal ap- 
proval is expected in about a 
month. 

Mr. Keen’s comments about 
the destructive power of the 
bullets also provoked skepti- 
cism from the National Rifle 
Association, which said he had 
made “dubious claims." 

“This has all the trappings of 
a hoax,” said tbe group's chief 
lobbyist, Tanya K. Metaksa. 
“What we have is an outbreak 
of mob journalism centering on 
tiie dubious claims of a would- 
be manufacturer.” 

Mr. Moynihan sponsored a 
1986 ban on armor-piercing 
“cop-killer" bullets and shep- 
herded an expansion of it into 
the qrime bilL 

Because Rhino rounds are 
made of carbon -based plastics 
called polymers, rather than 
metal, the Black Rhino would 
sidestep tbe ban on armor- 
piercing bullets. 

Before this week, Mr. Keen 
said, law enforcement officials 
were calling for bullets with the 
armor-piercing qualities of the 
Black Rhino. But Don Cahill, 
legislative director for the Fra- 
ternal Order of Police, said 
Wednesday that most criminals 
did not wear bulletproof vests 
and there was “no doubt" that 
the ammunition would fall into 
the wrong hands. 

Gun-rights supporters note 
that at least two types of bullets 
similar in effect to the Rhino- 
Ammo are on the market. 

Supporters say there are ad- 
vantages to bullets that break 
up upon hitting human tissue. 
They cannot pass through a tar- 
get’s body and hit someone else, 
and if a shot misses the target 
and hits an object, it disinte- 
grates instead of ricocheting 

Mr. Keen said his bullets 
would be sold only to law en- 
forcement agencies and federal- 
ly licensed gun dealers. 

(AP, WP) 


FOR FURTHER DETAILS, 
PLEASE CONTACT: 


Fiona Cowan 


International Herald Tribune 


63 Long Acre, London WC2E 9JH 
Tel: (44 71 > 836 4802 
Fax: (44 71)836 0717 


/) 


■ \ 
i 


Page 4 


THURSDAY, DECEMBER 29, 1994 

opinion" 


Hcralb 


DVTERNATIOiVAL 



tribune 


PUBLISHED «m» THE NEW YOU* TIMES AND TBV WASHINCTON POST 


The China Quarrel 


China has moved with stunning speed 
to make itself a major force in the world s 
economy. But it has never accepted the 
idea that the rules applying to other 
countries should also apply to itself. That 
is the issue at the center of the quarrel 
between China and the United States in 
th ese last days of the year. 

On Friday the White House is to an- 
nounce a list of nearly SI billion worth of 
Chinese exports against which it pro- 
poses to impose sanctions in retaliation 
for massive Chinese piracy of American 
patents and copyrights. 

On New Year's Day the new World 
Trade Organization wiQ be established, 
and China wanted badly to be one of the 
founding members. It has been blocked 
chiefly by the United States, which ar- 
gues that China must first stow that it is 
prepared to live by the WTO's principles. 


China is a special case in many impor- 
tant respects. It is the world's 10th largest 
exporter (the other nine are all highly 
industrialized countries) and its exports 
in the 1990s have been rising three times 
as fast as the world average. There has 
never been a country with as large a 
presence in world trade that has had as 
low a standard of living. China claims 
exemptions from many rules on grounds 
that it is poor and a developing country. 
The United States responds mat those 
exemptions were allowed for small coun- 
tries only beginning to venture into trade 
— and that’s not China. 


While China is no longer a Commu- 
nist country in many respects, it is still 
under a government with vast power to 
interfere with normal trade. The coun- 
tries with open economies want assur- 
ances about the use of that power. That 
is particularly true of the United States, 
which is now running a huge deficit in 
its trade with China and blames much of 
it on Chinese manipulation of the rules 
of trade access. 

Earlier this year the Clinton adminis- 
tration threatened to cut off most Amer- 
ican trade with China unless the Chinese 
improved their record on human rights. 
When the Chinese refused to respond, 
the United States awkwardly backed 
away from the threat on grounds that it 
would inflict too much damage to both 
American business and to Chinese re- 
formers. It was a sensible decision, if 
inglorious, but there is now a danger 
that the Chinese believe that they no 
longer need to pay any attention at all to 
foreign protests about their conduct. 

That is why the United States has to 
stick firmly this time to its insistence on 
the enforcement of the rules. The pros- 
perity of a billion people and, very pos- 
sibly. the peace of Asia depend on the 
continued and orderly rise of China as 
an economic power. That requires the 
rest of the world to keep its markets 
open to China — but it also requires 
China to live by the world's laws. 

— THE WASHINGTON POST. 


Mistakes in Chechnya 


President Boris Yeltsin was justified in 
using force against the breakaway Rus- 
sian republic of Chechnya, but as a politi- 
cal exercise and military operation the 
attack has been inept That is now a 
problem for him and for Washington. 

The indiscriminate bombing of Groz- 
ny, Chechnya's capital, was a mistake, 
one that Mr. Yeltsin acknowledged on 
Tuesday in a nationally televised speech 
in which he announced a suspension of 
such attacks. No strategy was more cer- 
tain to revive century-old resentments 
among the Chechens and unite them 
against Moscow, or more likely to galva- 
nize opposition in Moscow to any effort 
to crush the Chechen rebellion. 

The bombing undermined the case Mr. 
Yeltsin can and should make for keeping 
the Russian Federation whole. It need- 
lessly raised doubts about the morality of 
a politically sound position that Chech- 
nya deserves a measure of political au- 
tonomy but not full independence. , 

Yet the precision bombing and ground 
assault that Mr. Yeltsin promised in his 
speech are sure to cause more civilian 
casualties; their use must be limited to 
carefully defined military targets. 

Military tactics are only one issue. 
The larger problem is that President 
Yeltsin badly misread the political ter- 
rain in Moscow and Grozny and overes- 
timated the capability and will of the 
Russian armed forces. 

Politicians across the spectrum ques- 
tioned his decision to use force. Only the 
nationalist extremists around Vladimir 
Zhirinovsky offered much encourage- 
ment. The head of the Parliament’s hu- 
man rights commission, Sergo Kovalyov, 
in an open letter to Mr. Yeltsin from 


Grozny, wrote of “witnessing the death 
and f lig ht of noncombatants, the de- 
struction of homes and industry.” Ordi- 
nary Russians could see that for them- 
selves on Russian television news. 
Demonstrators on the streets of Mos- 
cow protested the military move. 

The Russian military, with memories 
of Afghanistan still vivid, openly re- 
belled. General Boris Gromov, a deputy 
defense minister who had commanded 
forces in the Afghan war, warned 
against military action, and another 
deputy defense minister offered to re- 
sign rather than take command of the 
operation. At least one tank commander 
in Chechnya resisted carrying out orders 
and was cashiered. 

Hie political dissent is healthy, and the 
unf ettered broadcasting from battle areas 
around Grozny is welcome confirmation 
that Russian reporting has recovered 
from Soviet censorship. The hesitancy of 
the army should erase any lingering fear 
that the Russian militar y could threaten 
Europe again any time soon. But these 
developments do not change the basic 
concern: The nasty little war risks derail- 
ing Russia from the reform track that Mr. 
Yeltsin had set it on, and risks further 
eroding his support at home. 

Washington has an interest in keeping 
Russia and reform intact. After initially 
giving Mr. Yeltsin a green light for mili- 
tary intervention, the Clinton adminis- 
tration should now be reminding the 
Russian leader that clumsy application of 
military force in Chechnya can under- 
mine stability in Moscow. Mr. Yeltsin 
should be searching for a political, not a 
purely military, way out of this crisis. 

— THE NEW YORK TIMES. 


North Korea Stalls 


Does North Korea realize tbe risks it 
is taking by dragging out the helicopter 
incident? Tbe Communist regime in 
Pyongyang has not only forfeited the 
bonus of American public regard that it 
could have reaped by promptly return- 
ing not just the remains of the dead pilot 
but the surviving pilot and the helicop- 
ter. It also has stirred the already deep 
misgivings that many Americans bad 
about the nuclear accord the two coun- 
tries signed two months ago. 

The helicopter went down on Dec. 17. 
At first it appeared that North Korea 
might accept American assurances that 
the aircraft was on a routine training 
flight and had mistakenly strayed into its 
territory in a snowstorm. Washington ex- 
pressed regret and announced procedures 
to guard against any uncontrolled or pro- 
vocative element in the posture of the 
37,000 American soldiers on this Last 
armed front of the Cold War. But the 
Koreans began insisting drat the helicop- 
ter was on an espionage mission — on 
Tuesday the pilots were termed “crimi- 
nals” — ana demanded an apology. 
Washington “categorically” denies spy- 
ing and withholds an apology. 

With the succession to the late dictator 
Kim A Sung still not finally settled, per- 
haps one or another faction seeks political 
advantage by showing how tough it can be 
toward the United States. Whatever, with 
each day North Korea lets the helicopter 


incident cast a darker shadow over the 
already problematic nuclear accord. 

So far North Korea has respected its 
commitment to permit international veri- 
fication of its frozen nuclear program. 
The United States had figured to start 
delivery in just a few weeks of the oil 
intended to compensate Pyongyang for 
energy lost from its shut-down nuclear 
reactors, and Washington is consulting 
Japan and South Korea to raise $4 billion 
to replace these reactors with models less 
likely to produce nuclear weapons mate- 
rials. But this commitment can hardly be 
expected to withstand a bad-faith perfor- 
mance on the captive pilot 

North Korea retains a hostile leader- 
ship whose internal processes are still 
largely shielded, and it maintains a huge 
military force positioned for another in- 
vasion — the first was in 1950 — of the 
South. This is the fundamental cause of 
the insecurity on the Korean Peninsula. 
The helicopter that strayed represents 
an American commitment to the South's 
defense that began with the North's ear- 
lier aggression. 

The nuclear accord invited the isolated 
and impoverished North to exchange its 
nuclear option for a settled place in a 
regional and world community. North 
Koreans wiB put this at risk if they act in 
a way raising even the slightest question 
about their udelity to the bargain. 

— THE WASHINGTON POST. 



International Herald Tribune 

ESTABLISHED 1887 

KATHARINE GRAHAM, ARTHUR OCHS SULZBERGER 

Co-Chairmen 

RICHARD McCLEAN. Publisher «S Chief Exrcuhve 
JOHN V1NOCUR, Execmv fi&v & YmPnadot 
■ WALTER WELLS. Nws fifiw • SAMUEL ABT. KATHERINE KNORRand 
CHARLES bttKHBJAORE.CkfwE&nr'* CARLGEWlRTZ > .^^£ [ £&v 
• ROBERT J. DONAHUE. Eibnrcfthr • JONATHAN GAGE. Business and Finance Editor 

• RENE BQNDY. Deputy Publisher* JAMES McLEQD. Director 

•JUANITA L CA5PARL baemmond Dndopmev Dinxvr* DffNER BRUN. Gnukaum Direaar 
Divcteurde la PuNtcatkn: Richard D. Simmons 
Dinxteur AJjiwsdck Pi Micaun Kadsawe P. Dunm; _ 

Infcsnaiii ml Mould TrihuiK. I S I Avenue Ourics-ifeTUilk 9252 1 Nonfly-jair-ScirK. Fnince. 

TcL 111 4oJt7.«rt.na fin : G*..4h37.U6_'51; Adv.46J7.5i II Internet IHrtstaflofcum* 

Lbr /.v Aw- HuM Rkhunban. 5 Ctmerhtn RtL SitKff >rr 051 1. Tit ftSj -)72 77f& Fax; (65/ 274-2JU 
Mm Dir. Asol M 0. KrtmjvN. Nl GfnvesUr Rd, fAmft A'«* TeL Fac RSMBS-H9L 

ijeii tfer. ijrmmv T. .iffiifer. FrMndiar. i5. tVLQJ FneifuC/M. TeL if IN) 72 07 55. Far fttiOi 72 
Pnxf.’S MkiwiCtww. KfoThtnlAir. Nr* Yuri. N.Y. 10122. TeL \2l2t 752-PW. Far \2Fl\ 7S5-KPB5 
i: E Ailu nhm ttllbr; hi LrwpAirr. Laldon WC2. Tel. 0711 XJA-4HE. Fax: OVU 240-2254. 

\ 4 „„ I 2iHt <m F. PCS Sauier re B 7.12021 12b Cm wwhi.m? Punt, are No. rtf 5.17 

V I Wf. IntenUHoml Hi'tabl Tnfnar. All nidus re.vnai ISSttOZM-toSZ 


N EW YORK — The United Stales 
currently may have only 3 to 4 per- 
cent of its working population in the 
agricultural sector, perhaps about 18 per- 
cent in industry, and 70 to 75 percent in 
services, is this a natural process, due to 
be followed by all other societies? 

Perhaps it is, but a glance at today's 
global economic condition, with all its 
complexities and contradictions, sug- 
gests that we should not automatically 
assume that this form of modernization 
will spread from continent to continent 
There is a need, rather, to ask a few 
large and searching questions. 

First, from what new inventions, and 


s ish Worldwide, Ominous and Growing 

By Paul Kennedy * “o£fe £ 

economics. What if there is nothing you to. ^ 

srrawJsarSrt! ■ttras ssasg , 

constantly cutting labor costs? 

What would the world look like 8, at *z-faire push North Aten 

sometimeinthenexteentory, itreptoat- ^eraBy ajmrovt 9 ^ in Chile, that 
ed the United States in the percentages of tins pimaple to its ultimate ambitious people are 

population engaged in each economic nditicallv towaid richer, Northern countries mme 

sector— -if, Sly. only 3 to 6 percent Finally, perhaps tfe “opes of getting a job? . 

ended up in agriculture, rather than the explosive question of ajh __ wl » - After all, why shouldn t Jbsy? "P **®* 8 
JO to I percent in mnny devdoping »^>°ab«a of an age in which the 


titen 


L&e national adMamamh ^^“Brideshead Revisited” to the 
^atomtmdeisapi^pMw^ or the Atacama 

generally approve, Bi£to we ^ millions of young, 

this Drintiple to its ultimate conduaoa. flm hirious ****rilc are claiming to move 


itious people are planning to move 
trd richer Northern countries m the 


large and searching questions. 50 to 80 percent m many developing saprawm w ^ ^ ^ ^ which yinuauy au « 

First, from what new inventions, and countries today? Where would all those world population, fnrttoir classical economists termed ^efactore 

in what new Adds, might we expect fu- farmers and peasants have gone? To the countries desperate to fin j production* are being liberated. Fi- 

mrnnnnies? The adolescent copulations/ _ _ _ moDertv, pat- 


ture job-multiplying industries? 

The shipbuilding industry of Western 
Europe in the 17 th and 18th centuries 
was one such multiplier, stimulating 
many ancillary trades and industries. 
Steam-driven textile machines woe an- 
other multiplier. The mid- 19th century 
railway was another. The automobile was 
an even greater job multiplier. In more 
recent times, we might list the aircraft 
industry and air transportation. 


They were job multipliers because, for 
example, the automobile generated em- 
ployment not just in Fora or Hyundai 
factories but among thousands of suppli- 


ers, gas station attendants and highway 
construction crews. In addition, the per 
capita added value of those new inven- 
tions was higher than that of the products 
they replaced. An automobile worker 
thus earned more than a blacksmith. 

Today’s new technologies like bio- 
tech, however, seem to require only 
PhX).s — or. tike robotics, destroy more 
jobs than they create. 

What if no new industries are arising 
in regions where traditional occupations 
are being made redundant — as, say, in 
the northern or western parts of France? 
Agriculture’s share of employment con- 
tinues to tumble, despite vast subsidies. 
Steel, coal, metal-making shrink and 
shrink Even Euro Disney doesn’t work. 

Where is new employment? 

O 

A related question is how best to pay 
the “serial costs” of shedding, as in the 
case of British Steel, 80 percent of the 
jobs in an inefficient industry. Invite peo- 
ple to move elsewhere, in the American 
maimer? Pay them unemployment insur- 
ance, as is the British and French meth- 
od? Invest in retraining and retooling 
skills, as in Scandinavia? 

What will the political repercussions 
be? A right-wing backlash? Protection- 
ism against foreign goods? 

Granted that we cannot halt modern- 
ization, and that it has provided a long- 
term stimulus to global economic growth 
over the past 250 years. How do econo- 
mists, businessmen or politicians handle 
processes like the automation of the fac- 
tory mid the office, which eliminates 
more jobs than it creates? A new inven- 
tion is one thing; a new invention specifi- 
cally designed to get human beings out of 
the workplace is another. 

Granted, again, that modernization is 
unstoppable. How does it work when 
production of an item takes place not just 
in a specific region like Western Europe 
in tbe 19th century or East Asia in the 
late 20 th century, but globally; when 
there are 50 countries, with varying stan- 
dards of wages, capable of producing 
soybeans, and 70 countries capable of 
producing steel? 

Adam Smith's famous argument in 
favor of free trade and specialization 
(that it made no sense for both England 
and Portugal to strive to produce wine 
and textiles when England’s climate 
made it a better textile producer and 
Portugal’s climate made it a better wine 
producer) does not address this reality 
of multiple competitive sources. Yet 
that is the basis of modern free market 


farmers and peasants have gone? To the counmes oesperaw ^ ^ j— production" are bang uoerareu. n- 

atics? The insurance companies? Tlie adolescmtpopnlati<ms? ^ trade, intellectual property, pat- 

health care services? If each vear we add another » mn rQgmiSi tounsts, ex- 

Can we imagine a world of 825 to 10 lion people to the earth s tot £> <£“1 ^^^^tsLeverytinng is becoming 

billion people; the vast majority of whom each yearwe need to create oartS a globalized system. . 

arc engaged in services? Would there also ai 40 million jobs globally. If we cannot part a^ ^ ^ factor of production 

that is not bong allowed to roam across 
j borders at will: labor, people, toman 

A >■ • beings. Isn’t there a basic contradiction 

JSWt this precisely one of the great- 

^ JSIl 

V" r- M ‘ — - : " 'L oration front and center. Marx once 

\ Mid that hisrory-ly presents^m^e 

yield 1 aSwers. Ut us hope 
that, just this once, he was right. 

Mr. Kennedy, historian and the author 

— ll of “ The Rise and Fall of Great Powers” 

^pjjSaP*- XT and « Preparing for the 21st Century, is 

<XhdireCt WmIdn G CreUJ m t t^ Futereof 
^Wuted Nattims appointed by UN Sec- 
^ retary -General Butros Burros Ghah. This 

- 4'?.\ ^ r comment has been adapted by the Intema- 

fe- v donaI Herald Tribune from a longer essay 

— p m • ! ^ ^ distributed by New Perspectives Quarterly. 






Downsizing Is Good Ne i 


L OS ANGELES — Mattel 
r Inc., which got its usual 
substantial share of Reeves 
family Christmas money for 
Barbie dolls and Disney stuff, 
announced the good news a 
week before Santa came: re- 
cord 1994 profits projected, 
stock price up 19 percent for 
the year, laying off 1,000 of its 
22,000 employees. 

“Analysts,’* said The New 
York Times in a story on an- 
other triumph of American 
know-how, “described the 
Mattel layoffs as an attempt to 
cut costs after a year of acqui- 
sitions and record profits." 

“It is a very good move;” 
said one of the quoted ana- 
lysts, fill Krutick of Smith 
Barney. “This will absorb 
costs” for an expected move 
into computer software “while 


By Richard Reeves 


allowing Mattel to continue 
their double-digit growth.” 

Goody, goody! rm just cra- 
zy about analysts — they cut 
out middlemen, who used to 
be called reporters. The news 
now is pure; with tbe business 
pngfts as enthusiastic and effi- 
cient conductors for analysts 
and other cheerleaders of the 
downsizing of the American 
middle class. News of Wall 
Street, by WaQ Street and for 
Wall Street. 

Here is more good news os 
the competitiveness, produc- 
tivity, downsizing front: 

• Tbe average chief execu- 
tive in American corporations 
now makes 149 times the aver- 
age factory worker’s pay. 

• The average pay rise was 


Uncritical Faith in High-Tech Progress 

T HE assumption in Washington is that while low-paying 
jobs are eliminated, new opportunities for high-tech jobs 


are created, jobs for which displaced textile workers, for exam- 
ple, can in theory compete. That optimistic assumption may be 
false, and the real outcome may be “catastrophic downfalls,” in 


The press has paid scant attention to these losers in its 
enthusiastic acceptance of the “greater good” theories of the 
multinational corporations, the great financial institutions, the 
president and his Republican alhes in Congress. There were a 
few lonely voices of dissent, but they were drowned in the 
avalanche of “news” hailing the great GATT triumph. 

It is a fact that for millions of workers, real incomes have 
fallen in the last 20 years of profound technological change. 

— Richard Harwood commenting in The Washington Post. 


30 percent last year for the 23 
CEX)s^ whose corporations axed 
the most American jobs. 

• The corporate share of 
American income taxes has 
dr o pp e d from 23 percent of 
the total at the end of the 
1950s to 92 percent now. 

' • The median earnings of 
the 2 million American men 
between 45 and 54 with four 
years of college fell in constant 
dollars from S55.000 in 1972 
to S41.898 in 1992. 

• Eighteen percent of 
American workers with full- 
time jobs have earnings below 
the official poverty level. 

• Since 1973, the number 
of American children growing 
up in poverty has inerrased by 
50 percent 

Most of those numbers are 
from Richard J. Barnet of the 
Institute for Policy Studies in 
Washington, author of “Glob- 
al Dreams: Imperial Corpora- 
tions and the New World Or- 
der.” Mr. Barnet, who might 
be called a “lefty” if anyone 
remembered the word, would 
obviously never make it at 
Smith Barney. 

Nor would he make it in 
new American politics. Of the 
2 million, middle-aged college 
graduates with declining real 
income, all but 150,000 are 
white men — which explains 
something about the ironies of 


last month’s midterm elec- 
tions. Most of those poor fools 
apparently believe that the 
problem is Bill Clinton. 

Their problem, as defined by 
Mr. Barnet, is this: “Corporate 
executives disavow any special 
relationship to the United 
States and its people ... They 
are walking away from the 
enormous public problems that 
their private decisions create 
for American society” 

It is, in fact, not even a pro- 
blem anymore for Mated or for 
Disney that those angry white 
mm are not going to have 
much money to spare to buy 
toys for the grandduldren. 
(Michael Eisner, the chairman 
of Disney, made $215,911,000 
as the company floundered 
through the last three years.) 
Cheered on by analysts, corpo- 
rations that were born in the 
U.S.A. are now more interested 
in new markets, particularly 
Asian markets. 

Asia is, for instance, the fu- 
ture for U.S. -based hard li- 
quor and tobacco industries, 
the latter operating on govern- 
ment subsidies paid by the 
white men who think Newt 
Gingrich and Jesse Helms are 
on their side. 

Happy Holiday* Wait till 
next year. You can count on 
more good news for South 
Barney and the people who 
brought us Barbie. 

Universal Press Syndicate. 


When Russians Are Losing the Will to Live, It’s Time for a New Deal 


A LLENTOWN, Pennsylvania 
. — The Russian government 
has given the people a holiday pre- 
sent On Jan. I. the minimum 
wage win rise to a paltry $14 a 
month. The government's promise 
is that tbe country wiB be back on 
the economic track in three years. 

No wonder an opinion poll last 
month showed that 73 percent of 
the people do not trust the gov- 
ernment — indeed, are afraid of 
it And no wonder an apparent 
death wish, signified by a rise in 
suicides, is spreading across Rus- 
sia — a macabre indicator that 
the economic revolution has tak- 
en a terrible turn. 

According to today’s statistics, 
which seem trustworthy, in the 

e st two years 100,000 Russians 
ve killed themselves. The sui- 
cide rate in 1993 reached 38 per 
100,000 people, up from 26.5 in 
1991. The rate in the United States 
is 12 per 100,000. Overall, 22 mil- 
lion Russians died in 1993 — 
360,000 more than in 1992. Deaths 


By Gennadi I. Gerasimov 


exceeded births by nearly 800,000 
in 1993. a time when there was no 
war, plague or famine. 

Life expectancy during tbe fi- 
nal years of the Soviet period was 

64.5 years for men. 74 for women. 
Today’s figures are 58.5 for men, 

68.5 for women. By contrast life 
expectancy for American while 
males is 72.7 years, for white 
women 79.4. What’s going on? 

Ella A. Pamfilova, a former 
minister of social security, be- 
comes emotional when sbe talks 
about fathers committing suicide 
because they cannot provide their 
children with food and shelter. 

Many families can no longer 
afford to set aside money for fu- 
nerals. Some bereaved families 
rent coffins, which have to be 
returned the day after the burial. 

While tbe death rate soars, the 
birthrate is plummeting. In 1987, 
15 million babies were born in 
the Russian Federation; in 1993 


Russian Democracy Has to Be Different 

U NLIKE most of Eastern Europe, Russia has not experienced a 
more or less clean break with the old system. Instead of a 
wholesale turnover of the political elite, there has been a protracted 
battle between the executive and legislative branches of government 
each claiming to be the true guardian of democracy. 

Unlike the other countries in transition, Russia is a former empire 
chat has still not defined its relations with its neighbors and its 
character as a federal state. Very few countries with a living standard 
of less than $5,000 per capita a year have been able to operate as 
democracies. Russia is less than halfway to this target and has few of 
the cultural traditions (such as a history of British colonialism) which 
have enabled countries lie India and Botswana to buck the trend. 
Thus the prognosis for the future of democracy must be rather grim. 

None of this is to suggest that Russia would be better off with 
some sort of authoritarian regime. For all its flaws, the haphazard 
democratization of Russia was the only way to rid the country of the 
Soviet System and set it on course toward a more civilized society. 
But the adoption of the American separation of powers model has 
exacerbated political feuding at the national level and encouraged 
the fragmentation of central authority. 

Russia has not been and will not be served by hasty efforts to 
transplant models of democracy and (be market economy, as if local 
circumstances and conditions count for nothing. 

— Peter Rutland, commenting in the winter issue of Tfte National 
Interest, as quoted by The Washington Post. 


the number was 1.4 million. 

In developed countries, births 
may decline as a result of access 
to birth control and higher stan- 
dards of living, which provide 
material benefits that married 
couples may prefer to children. 
But the current drop in Russia is 
too steep to be explained away. 
The bald fact is that children are 
becoming a luxury that many 
families simply cannot afford. 

To combat this growing sense 
of desperation and despair, the 
country needs to replace Presi- 
dent Boris Yeltsin and his pro- 
mises with the Russian equiva- 
lents of Franklin D. Roosevelt 
and his New Deal. 

Many of the most outspoken 
supporters of economic reform 
question tbe efficacy of Adam 
Smith's “invisible hand” that 
regulates the free market. Rath- 
er, they wonder if a helping hand 
of the kind provided during 
Roosevelt’s early administrations 
wouldn't be preferable. 

The two need not be mutually 
exclusive They certainly arc not 
in the United States, whose exam- 
ple of free enterprise combined 
with federal and state safety nets 
should be followed by Russia. 

Post-Communist Russia is be- 
ing built with the bricks of capi- 
taUsm — free enterprise, private 
property, convertible currency. 
But we have neglected the mor- 
tar of social programs that help 
hold the bricks together. The re- 
sulting structure is shaky and in 
danger of collapse. 

To keep the new Russia to- 
gether, we must supplement 
market reform with a kind of 
New Deal to soften the excesses 
of laissez-faire capitalism. If wc 
don’t, the birth pangs of reform 
will become a death rattle. 

We need a type of Works Pro- 
gress Administration to put peo- 
ple to work building roads and 
otherwise redeveloping our anti- 
quated infrastructure. 


We need a Civilian Conserva- 
tion Corps to save many regions 
from ecological disaster. 

We need a Home Owners Loan 
Corporation to ease crowded Irv- 
ing conditions. 

The U.S. economy had hit bot- 
tom during the Great Depres- 
sion, yet Franklin Roosevelt 
found the money to finance 
those programs, ra Russia, the 
slate owned everything, and 
even today much of its wealth — 
in land, natural resources, mili- 
tary industry convertible to civil- 
ian use — can yield rubles to 
finance social reforms. 

In addition, it is time to finally 
establish honest rules of the 
game — to stabilize our erratic 
legal system and tax codes and 
make our laws more rational and 
enforceable. For example, the 
state collects only 60 percent 
of the taxes it imposes. This is 
intentional. I suspect. It helps 


the elite add money to power.' 

like his model, a R ussia n 
Roosevelt would be a committed' 
capitalist who is not blind to the 
pain of the electorate. 

The precedent is there: Russia 
has long experimented with new - 
ideas — from Peter the Great to : 
Lenin to Gorbachev to Yeltsin, ■ 
And a New Deal would take the 
wind out of the sails of critics of ■ 
the government whose national- ■ 
ist and populist messages are so * 
tempting to a people in pain. 

The irony of history is that to : 
succeed with capitalism, Russia " 
must borrow a little “socialism” ‘ 
from the United States. 

The writer, spokesman for Mik - ! 
nail s. Gorbachev when he was • 
president of the Soviet Union, is a 
visiting professor of political sd- [ 
ence at Muhlenberg College. He . 
contributed this comment to The \ 
New York Times. 


IN OUR PAGES: 100/75 AND SO YEARS AGO 


1894c TLe Turkish View 

ROME — [From a special corre- 
spondent:] Armenian “atrocities’* 
have begun to be made much of 
in tbe Italian papers, and there is 
agreat deal of talk about freeing 
Christians from “the Moham- 
medan yoke” and so forth. As I 
thought that tbe Herald would 
like to have “the other side,” I 
went to tbe Turkish Embassy here 
and from information I received 
there I was forced to tbe conclu- 
sion that the real object of those 
who started tbe agitation was to 
excite public opinion against Tur- 
key. Exaggeration, pure inven- 
tion, lies — were some of the 
words adopted to describe the 
methods used. 

1919: War on Cigarettes 

NEW YORK — The Presbyteri- 
an Church has begun a movement 
for tbe world-wide abolition of 






11 *>» <■!» ** aside ^ 
5W,wo to support the fight Jjfc. 
afiamst foreign brewers and ms- 
Mcts and is sending the Rev. t 3^, 

John Stode, the associate secre- ; ? ^ 

Jin. to support the fight for piohi- \' 
iwJ . asarettc * says *4 . ^ 

"t .become firmly h , 

trenched during the war, and is td Jinl 

be a special object of attack. • ^ 

1944: Qmrdlifl Unhur t j N 

aimed aiSm and thq : II 

party with him, chipped holes f Ct 

i M 

\%i 

• i ^ 


1 

... 

'V' ■■••>... •• 


1 1 ^’ _ ■ _ 
N - . 


r °Jei, 


“ „ - ' 4 




' — r "-f h 




- - :: ., /;^v 


• r : -;^ 
- .• " 




tf *= 


- Zft. 

’ • lj: 


n« V 


Wilis' 


iKi>J 6 * \£U> 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 


OPINION 


Alternative Diplomats Like Carter Can Have Their Uses 


W® - Why doe, lh e 

* distaste for mi ■ a ': e such 

ing a major per^Sl ^ “ ^k- 

3bOUl 

been d J^ n 2i?i° n ,^ ni . slra lic,n. he has 


A Leisurely River Voyage 
For a Father and His Son 


Hy Charles William Mayues 


country laced. Media pundits cooperated. 
Their authority depended on their access to 
the monarch and his privileged advisers 
with knowledge of state secrets. 

In a post -Cold War world, with econom- 
ics replacing politics as the core subject of 
foreign policy, such attitudes may be out of 
dale. The imminent danger is gone. So is the 
rationale for the concentration of power in 
the hands of the presidency. So is the justifi- 
cation for extreme secrecy. 

In these new circumstances, the okl Amer- 
ican tradition of citizen diplomacy is begin- 
ning to reassert itself — and no one has 
exploited the new opportunities more bril- 
liantly than Jimmy Carter. 

American history is replete with the efforts 
of citizens to “improve” on the policy of their 
government. The practice began in 1798, 
when George lx>gan. a friend of Thomas 
Jefferson, went on his own authority to 
France to secure its accord with the United 
States. He had some success, but reaped 
criticism from Jefferson's friends. The u.S. 
Congress then passed the Logan Act. which 
provided punishment, for any citizen who. 
without authorization, tried to influence the 
conduct of a foreign government toward the 
United States in periods of controversy. 

Today more than 1,000 U.S. state and 
local governments are conducting their own 
foreign policies, according to research car- 
ried out by Michael Shumann of the Institute 
of Policy Studies. Their efforts forced the 
Reagan administration to shift its policy to- 
ward South Africa, provided sanctuary to 
illegal aliens fleeing the civil wars of Central 
America and pressed the cause of human 
rights in various dictatorial governments. 
This movement toward “local foreign poli- 
cies” is so large that it cannot be stopped. 

Mr. Carter, then, is only the most promi- 
nent of a growing number of Americans 
participating in the policy process. He has 




i anSasKSaS 


When governments demonize one 
another, there are limited 
diplomatic opportunities unless 
some impartial third party like 
Jimmy Carter takes the initiative. 


hostility to Mr. Carter might be that be- 
cause so many officials in the capital city do 
little to help the poor, are incapable of 
rhyming one word with another, acquire a 
trophy wife with the next highest office and 
do little for peace except raise the defense 
budget, they have little time for someone 
who displays the other virtues. 

But there appear to be two serious reasons 
for the hostility. One is that the former 
president's activity exposes the erosion of the 
imperial presidency, to which the Carter crit- 
ics from both parties, and even many mem- 
bers of the press, are deeply devoted. The 
other is that any success he has only reveals 
the utter bankruptcy of the policies of the 
Bush and Clinton administrations in such 
places as North Korea, Haiti and Bosnia. 


The imperial presidency began on Dec. 7, 
1941, ana continued until the fall of the 


ble, although the results will not be known 
for several weeks. 


The reaction of official Washington could 
not be more apoplectic. The Washington 
Fj*} ^? T - Carter in two successive 

lead editorials. Former Secretary of Stale 
Lawrence Eagleburger suggested that the 
Jormer president might ruin a policy that had 
been almost irreparably ruined during Mr. 
Eagleburger^ s own tenure in office. 

The Clinton White House tried to have it 
both ways. Publicly it wished Mr. Carter 
well Privately, white House officials in- 
formed journalists, of course anonymously, 
of their dissatisfaction with Mr. Carter’s trip, 
suggesting that he was naive and being used. 

One facile explanation for the intense 


Berlin Wall. During that lime the U.S. gov- 
ernment operated in a state of national 
emergency. Fear of another bolt out of the 
blue, this time perhaps with nuclear weap- 
ons, caused the American political class to 
concentrate enormous power in the hands 
of the presidency. 

Unlike roost other world leaders, the 
American president alone has the power to 
make the decision to go to war. Because of 
what was regarded as imminent danger, the 
president was also permitted to surround 
decision-making with elaborate secrecy. 

In this system, the government operated 
like a monarchy in the field of foreign 
affairs. The president became all-powerful 
and, because of secrecy, all-knowledgeable. 
His counselors, in turn, became the king's 
privileged advisers, quick to denounce any 
opposition to the president's policies as 
verging on disloyalty, given the danger the 


attracted more attention both because he is 
a former president and because be has cho- 
sen the most difficult cases. He has moved 
where the U.S. government has pursued such 
an inept diplomatic course that h left the 
country with few options other than force 
when the country was unwilling to gp to war. 

Thus, the Bush and Clinton administra- 
tions demonized the North Korean, Haitian 
and Bosnian Serb leadership, to the point 
that Washington had no effective diplomatic 
contact. Yet it was left with a strategy that 
assumed diplomatic contact because its allies 
in Seoul and Tokyo were unwilling to wage 
war against North Korea, the U.S. Senate 
was unwilling to support an invasion of Hai- 
ti, and the American people were unwilling 


By Jim Hoagland 


W ASHINGTON — Remember 
1994 as you wilL with your 


YY 1994 as you will, with your 
hopes and passions for Clinton, 
Gingrich, Yeltsin. Tonya & Nancy, 
the baseball owners and Alan 
Greenspan slaked or in ruins. For 
Lee Hoagland and his father, it was 
the year of voyaging on the Missis- 
sippi with Huck and Tom. 

we never left the makeshift read- 
ing corner of our new house. But we 
took an extended journey of explora- 
tion: a 9-year-old brushing against 


ig against 


to occupy Bosnia. 

Mr. Carter has brilliantly exploited these 


MEANWHILE 


contradictions to create a unique diplomatic 
rede for himself. Those who criticize him 
should ask whether there was an alternative. 
Was the government, in each case, not in a 
position where it wanted to shift course but 
for political reasons found it difficult? Indeed, 
when governments demonize one another, 
there are limited diplomatic opportunities, 
unless soane impartial third party like Mr. 
Cartel takes the initiative. Thus the diplomat- 
ic breakthrough between Israel and the PLO 
was due to two Norwegian sociologists rather 
than to the VS. secretary of state. 

Administrations must learn to exploit 
these private efforts rather than resist them. 
If Mr. Carter comes up with proposals in 
Bosnia that trouble Washington, any admin- 
istration should be strong enough to say 
“no.” But it should also be wise enough to 
accept a diplomatic opening if one develops 
that it did not expect and that a former 
president helped create. 


Mr. Moynes, editor of Foreign Policy, con- 
tributed this commeril to the Los Angeles Times. 


the contours of great literature and 
an adult male who finally fully expe- 
rienced two great adventure 'stories 
that had been bypassed for a lifetime. 

This is the holiday season in 
which parents relive their past or 
enjoy experiences they never had 
through the childhood of their chil- 
dren. Reacting Mark Twain's “The 
Adventures of Huckleberry Finn” 
and then circling back to Tom Saw- 
yer's exploits as bedtime stories for 
Lee enabled me to recreate and 
enrich my own childhood. 

Hie power of words and ideas 
came first to me on the knee of my 
grandfather, who read the comics 
and then Uncle Wiggily tales and 
other kids' tit to me. Soon there- 
after I got my first passport — a 
member’s card for the York Coun- 
ty, South Carolina, Public Library 
— and was racing through books 
that told me what life in New York 


crimination will be misunderstood by 
children. Their campaigns lump 
Huck in with other “objectionable 
books” that must be removed from 
school reading lists and library 
shelves within the reach of the young. 

In the January issue of “Civiliza- 
tion.” the library of Congress mag- 
azine, Lance Morrow admirably de- 
fends Huck and his creator. 

To restrict J. D. Salinger's 
“Catcher in the Rye" or Maya An- 
gelou’s “i Know Why the Caged 
Bird Sings” is “bush-league intellec- 
tual folly, mere vigDanie provincial- 
ism,” he writes. “But it is an act of 
real moral stupidity, and a desecra- 


tion, to uy to deprive the young of 
the voice of Huck Finn.” 


City, Paris or the Yukon was like. 
The eagerness to move beyond the 


LETTERS TO THE EDITOR 


Free Trade and Jobs 


■ Regarding “Trade With Develop- 
ing Countries Is Good Business" 
(■pec. 21) by Peter D. Sutherland: 

• Mr. Sutherland's article makes its 
case lucidly. However, it does not 
come to grips with the reason why 
special-interest opponents of trade 
liberalization in rich countries can 
generate mass political backing. 

; As free trade theory asserts, trade 
Liberalization does tend to equalize 
factor prices, including wages of un- 
skilled labor. That has beat docu- 
mented. Even though automation 
probably has a much larger impact 
on depressing opportunities for — 
and wages in — low skill jobs, it is 
imports that are the practicable tar- 
Calling for a ban on transistors 
Tould be viewed as patently absurd; 
restricting garment imports from 


Hong Kong or Sri Lanka has a su- 
perficial plausibility. 

The problem with asserting that 
free trade means, at least in the 
medium term, more jobs in high- 
skill, high-wage economies is that 
the net increase involves much larg- 
er totals of both new and lost jobs. 
Those holding the latter fear, usual- 


ly correctly, that they will not win 
new and better jobs. Some estimates 
of the impact of the North American 


ie estimates 


Free Trade Agreement on U.S. em- 
ployment over a decade show a net 
gain of up to a million — but also 
3,000,000 jobs lost 
None of this contradicts Direc- 
tor-General Sutherland’s warning 
that protectionists cannot “explain 
. . . how a society makes itself rich- 
er by incurring annual casts that 
are a large multiple of the annual 
wages of the jobs protected.” The 


same applies to Luddite opposition 
to technological change. 

But for those facts to be mean- 
ingful to people who — correctly — 
perceive their incomes and jobs at 
risk requires more than macroeco- 
nomic analysis no matter bow ac- 
curate. It requires investing some 
of the gains from free trade (and 
enhanced technology) in training, 
retraining and generous compensa- 
tion for the loss of work and/or 
early retirement. 

The programs in these areas today 
— whether in the Britain, the United 
States or Continental Europe — are 
not credible to those at risk. 

Nor can one expect “the market" 
to solve this problem. The gains 
generated are not readily related to 
any single enterprise or group of 
consumers. Therefore, they are a 
logical area for state action. 


Free traders should be the first to 
articulate and advocate such action. 
Failure to do so guarantees contin- 
ued broad-based support for protec- 
tionist pleas, however self-seeking 
the mobilizes and however wrong- 
headed their macroeconomics. 


REGINALD H. GREEN. 
Lewes. England 


are trying to take their livelihoods 
and occupations away from them. 

To refer to the new Criminal Jus- 
tice Act as “draconian” because it 
allows people to engage in lawful 
activities without interference from 
thugs is to turn logic upside down. 

D. P. MARCH ESS INI. 

London. 


Hunters and Saboteurs Business and Politics 


Regarding “Who’s Chasing Whom 
in Fox Hunting?” (Dec. 20): 

The writer suggests that “hunting 
is still the preserve of the aristocra- 
cy.” In fact, people from all walks of 
life hunt, regardless of sodai back- 
ground. It is part of the social fabric 
of country life. Indeed, country peo- 
ple, gamekeepers, loaders, pickers- 
up, and others have often physically 
assaulted the saboteurs, who they fed 


Regarding “ France Cuts Candidates? 
SpeTiding” (World Briefs, Dec. 17): 

If only we Americans could moti- 
vate the House and the Senate to do 
as the French National Assembly did 
and bar business from financing poli- 
tics, maybe we would be able to get 
the country back in working order. 

JAMES B. FLEMING. 

Oberstdgen, France. 


the eagerness to move beyond the 
confines of the poor, rural Sooth in 
the 1950s explains in part why Twain 
was an author whom I neglected and 
my teachers seemed happy to mar- 
ginalize. Softened a bit, Buck's child- 
hood and conflicts with “Pa” were 
not unlike the lives of some of my 
classmates. Add to that early forced 
reading of “Pudd*nhead Wilson,” 
a Twain work not up to his master- 
pieces, and my lack of enthusiasm for 
life on the Mississippi may be clearer. 

There was a reverse political cor- 
rectness in our neglect of Twain. We 
resisted reading Twain, and William 
Faulkner, and most serious Southern 
writers of the time, because they were 
too accurate and graphic about the 
destructive forces that held the South 
in thralL We understood that Twain's 
works mocked and undermined the 
Old South’s theories of white su- 
premacy and segregation in ways that 
those who want to take Huck Finn 
out of schools and libraries today do 
not seem to recognize. 

They fear that Twain’s use of the 
N-wora and his subtle attack on dis- 


the voice of Huck Finn.” 

Mr. Morrow does not deny that 
there is a problem. It can be over- 
come by making sure that Huck Finn 
is “inteUigeatiy taught an< t under- 
stood.” He suggests that the leaching 
of Huck be accompanied by teas 
that “serve so to speak as moral out- 
riggers.” such as “Narrative of the 
lire of Frederick Douglass” and 
“Was Huck Black? Mark Twain and 
African-American Voices," by Shel- 
ley Fisher Fishkin. That is a little 
more than Lee and I had in mind for 
bedtime reading, inmwt, l substitut- 
ed “slave” for the racial hate word 
that Twain employs so prominently, 
and inserted brief history on slavery 
and discrimination where irony and 
satire might have been missed. 

But f had to do little explaining. As 
Mr. Morrow's essay suggests, the 
young get the strong moral values 
communicated by both Huck and 
Tom. When Huck debates the justice 
of setting Tim bee vs. the law of 
keeping turn enslaved, Lee knew 
what decision Huck had to make and 
why. And he was urging Tom to risk 
turning in Injun Joe for murder long 
before Twain had Tom do just that 

Ernest Hemingway described 
Huck Finn as the source of modem 
American literature. What I discov- 
ered in middle age was how well 
Huck and Tom hold up as magnifi- 
cent boys* adventure stories. Lee, 
who grew up in Washington and 
Paris and who mil tell Ins children 
that he onoe chipped cement from the 
Berlin Wall, found the Mississippi as 
exotic and distant as we in South 
Ca rolina found mid-century Europe. 

“Instead of banning Twain's nov- 
el, we should teach youngsters how 
to appreciate it,” Mr. Morrow 
writes. Better yet, in 1995: Read 
them Tom and Huck at home. They 
wiO understand Twain better. You 
wB find that climbing on the raft is 
a tremendously rquvenating journey. 

The Washington Fast 


GENERAL NEWS 


Israel Sets 


Bosnia Foes Fail to Back Truce 


The Assaaaicd Press 

SARAJEVO, Bosnia-Herzegovina — The 
United Nations commander in Bosnia met 
Wednesday with warring parties in the country’s 
northwestern comer but failed to secure guaran- 
tees that the latest fragile truce would be 
respected. _ . . . 

An aide to Sir Michael Rose said the British 
lieutenant general got only a verbal commitment 
from the leader of rebel Muslims pressing their 
attacks on government positions in the Bihac 
enclave and less than that from the commander 
of the government troops. 

Bosnian Serbs and the government agreed last 

■ .. r: ma tliMi itfArlr Ati q mrirA 


UVOU 1 IUI MV W 

Saturday to stop fighting as they work on a more 
comprehensive four-month truce scheduled to 


Stop fighting in the Bihac region, prospects 
would be dim for setting up that cease-fire. 

Serbs from neighboring Croatia 
Bosnian Muslim fighters led by Fikret Abdic 
have joined forces to dislodge the Bosnian Army 
from the UN-designated “safe area. 


They did not sign the cease-fire last Saturday. 
The government insists they are aided by Bosni- 
an Serbs and has warned that the attacks could 
scuttle the longer truce. 

General Rose secured a “verbal agreement 
from Abdic, although nothing was signed, to 
abide by the cease-fire of Dec. 23,” said Captain 
Jeremy Bagsbaw, an aide to the general 

Brigadier General Atif Dudakoric, the Bosni- 
an commander, said only that he was in favor of 
the truce but would have to check with the 
Sarajevo government, the aide added. 

Despite the meager results of General Rose’s 
mission. Captain Bagshaw said things were “still 
looking good” for the signing of the new truce. 

The UN commander will travel to Knin, the 
headquarters of Croatia's rebel Serbs, on Thurs- 
day to try to get them to stop fighting in Bihac. 

General Rose's party also seamed agreement 
from the Bosnian Serbian leader, Radovan Kar- 
adzic, to order his forces to end missile and 
artillery attacks on Bosanska Krupa, a govern- 
ment-held town in Bihac; Captain Bagshaw said. 


Review of 
Settlement 


Expansion 


China Reports Big Rise 
In Narcotics Smuggling 


Attack Destroys 
Kashmir Building 


The Associated Press 


■oeimsfi __ Trafficking in heroin and other illegal drugs 

in the past year, part of a 

smuggle « "■«* “ d 

Wednesday. w ^ china Daily newspaper, said 

2JS jSSwiowod - attack on smuffllers. who are 
Cb^w^makmga^ hi ^ jeed getaway teatsm coastri 
aimed growing problems with 

drugs, j^meulariy ^J^d^ieoing to the outside world, 
years of growing trade an have returned, 

however, Pg® ‘£*^30 percent more illegal drugs m 

19^t^Uie tons of drug 

SSl u> produce nearly 2^000 

said. Overall this year and seized a record 4.53 

cases contraband. 

billion 


The Associated Press 

SRINAGAR, India — One 
of Kashmir’s most historic 
buildings, the headquarters of 
the political party that gov- 
erned the disputed province for 
four decades, was destroyed by 
fire Wednesday. 

Authorities said they be- 
lieved the fire was set by Mus- 
lim separatists, and police cor- 
doned off the area to search for 
suspects. The three-story wood- 
en building at Patharmasjid in 
Srinagar, the state’s summer 
capital, was occupied by the 
National Conference party that 
governed Kashmir until a Mus- 
lim rebellion for independence 
erupted in 1990. 

Kashmiri Muslims say they 
are discriminated against in In- 
dia, winch has a Hindu mujor- 
ity. 


The Associated Press 

JERUSALEM — Prime 
Minister Yitzhak Rabin or- 
dered a review of plans to ex- 
pand a Jewish settlement in the 
West Bank after Palestinians 
protested it breached the Israel- 
PLO peace accord, officials said 
Wednesday. 

Attorney General Michael 
Ben-Yair win probe the legal 
background of the disputed set- 
tlement, said a spokesman for 
Mr. Rabin. 

He said that Mr. Rabin 
hoped to bring a legal opinion 
to his cabinet for a vote Sunday 
on the expansion. 

The dispute erupted Thurs- 
day when the Jewish settlement 
of Efrat in the Israeli-occupied 
West Bank sent bulldozers to 
pave a road to the barren hilltop 
area for a new neighborhood. 

Since then, Palestinians and 
Israeli peace activists have 
clashed daily with Israeli troops 
protecting construction work- 
ers. 

Yasser Arafat, the chairman 
of the Palestine liberation Or- 
ganization, has spoken to For- 
eign Minister Shimon Peres 
about the issue twice since 










Mrahrw lUhamJftyce Praa tc - P i m c 

A Palestinian plowing Wednesday, while on the hiflsade behind him a bulldozer can be seen on the ifapital land. 


Tuesday, Palestinian officials 
said. They added that Mr. Ara- 


fat's self-rule cabinet would 


convene m emergency session 
on the issue Wednesday eve- 
ning. 

Efrat, a settlement of 5,000, 
was built in 1981 about 20 kilo- 
meters (12 miles) south of Jeru- 
salem. 

Settlement officials say that 
the plot in dispute was ear- 
marked for Efrat by a conserva- 


tive Likud government in the 
1980s. 

In another development, the 
leaders of Egypt, Syria and Sau- 
di Arabia met Wednesday in 
Alexandria, Egypt, to discuss 
issues ranging from Israeli 
peace prospects to divisions 
caused by the Gulf War. 

Egyptian government offi- 


cials declined to provide details 
on the talks among President 
Hafez Assad of Syria, King 
Fahd of Saudi Arabia, and 
President Hosni Mubarak. 

The Arab world r emains di- 


tions as Oman and Qatar mov- 
ing toward peace with Israel as 
Syrian talks with the Jewish 
state remain stalled. 


vided between nations that sup- 
ported and opposed Iraq in the 
1991 Gulf War. Tensions also 
are rising over such Gulf na- 


Sources in Cairo, who insist- 
ed on anonymity, said Syria 
hoped to seek a unified position 
on relations with Israel through 
Fahd in his role as a leader of 
the Gulf stales. 


LAVIl Israeli Sale of Warplane Technology to China Troubles Washington Attack on Train 


Continued from Page 1- 


Hefei Lawmakers Quit in Bangladesh 

_ m^adm the speaker of Parliament, Sheikh Razzak Ah, 


ctaffM Dispmdus the speaker of ParKament, Sheikh Razzak Ah, 

Compiled byOwWi' dMh * s oppo- that lasi-mmute efforts to avert the resignations 

DHAKA, Bangladesh-- Parliament on had fallal^ „ . 

- wTlaoslarors "sighed mDS[ dramatic At the meeting. Sheikh Hasma proposed a 

SJKJXy night in the lat ?‘ g^eraMt legal framework for elections to be held under a 
Wednesaajf lo force the g neutral caretaker government to be headed bv 

move m 115 President Abdur Rahman Biswas. 


era technology and will not be 
placed in service for several 
years. 

Marvin Klemow, vice presi- 
dent for government affairs of 
Israeli Aircraft Industries Inter- 
national the Washington sub- 
sidiary of Israel's state-owned 
export firm, denied that his 
company had transferred 
American technology to China. 

Mr. Klemow would not say 


But the first report that the 
plane is nearing production 
came in November in a British 
aviation publication. Flight In- 
ternational 


UJS. officials confirmed that 
report in recent interviews. 

“The plane is in the proto- 


type stage; the prototype has 
been bunt,” a U.S. official said. 
“It is a very capable aircraft. It 
uses extensive U.S. technol- 
ogy. 

The official said the combat 
fighter will be ready for flight- 
testing in about a year, and will 
be in full sendee in China's air 
fence about a decade from now. 


whether his company is provid- 
ing China with other, non- 
American aircraft technology 
from the Lavi prqjeet. “We nev- 
er confirm or deny who we do 
business with,” he said. 

For several years, there was 
speculation that China and Is- 
rael were working together on a 
new plane based on technology 
from the Lari project. 


the climax of a “We tried, but we have no choice but to resign 


‘^The which to uphold democracy and people’s right,” Sheikh 

Ijiontf, pounrals Haana lold sopponers of her Awami League. 


£££&* Wgfl; Sd, Zia’s adminis- A 

Prime W ,DO muwu nriih water cannons tniarrird Parliament 


tS?*"***^. Sheikh Hasina 
■The main oppoa^fS on)an «cungwnh 


troops with water cannons guarded Parliament. 

(AFP, Reuters) 


The plane, which China in- 
tends to call the F-10 fighter, 
represents the latest in a pro- 
longed effort by Beijing to ob- 
tain modern combat planes and 


to be able to make them on its 
own soil 

According to Flight Interna- 
tional officials of Israel Air- 
craft Industries have helped 
guide the way for the Chinese 
Air Force to develop and pro- 
duce the plane under a contract 
signed in 1992. 

Over the past 15 years, China 
has established itself as die big- 
gest customer for Israel’s arms 
export industry. The first public 
demonstration of this coopera- 
tion came in a Chinese National 
Day parade in 1984, when for- 
eign military attaches in Beijing 
were surprised to find Israeli 
guns, cannon and electronic 
equipment mounted on Chinese 
tanks 


directly from the United States. 
Any company that violates 
those laws can be suspended 
from doing military business in 
the United States. 

But it is often difficult to 
prove conclusively that U.S. 
technology has been re-export- 
ed, because a foreign govern- 
ment or company can cl aim 
that it has changed the Ameri- 
can technology or has produced 
something simil ar on us own. 


Kills Egypt Guard 


U.S. law forbids Israel to 
pass on to another country any 
military technology obtained 


UN Refugee Worker Is Slain 

Sauers 

ADDIS ABABA Ethiopia — 
The United Nations refugee 
agency said Wednesday that 
unidentified gunmen killed an 
Ethiopian member of its staff in 
a southern town on tbe border 
with Kenya. 


The Associated Press 

CAIRO — Suspected Mus- 
lim extremists shot at two pas- 
senger trains in southern Egypt, 
killing a police guard and 
wounding another, police said. 

An Interior Ministry state- 
ment said one attack took place 
in Qena. 465 kilometers (290 
miles) south of Cairo, on Tues- 
day night. Gunmen shot at the 
local train as it slowed down at 
a road crossing. 

A police guard, Fuad Fahun 
Abul Hassan, was killed and a 
second guard was wounded. 

Police sources said that sus- 
pected extremists also shot at 
another train on Monday night 
There were no casualties. 

Muslim extremists are wag- 
ing a violent campaign against 
the government. 









/) 





INTERNATIONAL HERALD TRIBUNE, TH URSDAY, DECEMBE R 29, 1994 

HEALTH /SCIENCE 



What Did In Dinosaurs? 

One , Two Knockout Punch Gains Credence 


New Extinction Theory: Double Jeopardy 


By William J. Broad 

New TcrkTbrm Sana 




EW YORK — Id ibe last decade or so 
two jnain schools of thought^ have 
dashed furiously over the question of 
M _ what did in the dinosaurs. One school 
holds that a massive object from outer space 
slammed into the Earth, kicking up a woridwide 
paD of dust that blotted out the sun and killed off 
many plants and animals- The other school pre- 
fers to seek the cause of the global mayhem m 
natural processes like big volcanic eruptions. 

Each ride has accumulated a lot of evidence to 
support its case, though lately the advoca tes of 
an asteroid collision seem to have had the upper 
Now, however, an elegant theory has been 
proposed (hat neatly combines both conflicting 
ideas into a single mechanism. 


It posits that a speeding rock from outer space, 
exploding on collision with the force of millions 
oThydroge 


of hydrogen bombs, would have shot gargantuan 
waves through the Earth. The waves would 
have coalesced at toe side opposite to toe impact 
crater, an area known as toe antipode, breaking 
the ground there and heating it and triggering 
huge volcanic outflows. Both the impact and its 
repercussions in the other hemisphere, the theory 
goes, would have contributed to toe mysterious 
decline of toe dinosaurs and many other species 
sane 65 million years ago. 

Antipodal vofcanism, as the theory is some- 
times called, was first discussed in relation to the 
dinosaurs in the early 1990s and is now taking on 
new weight as computer modeling begins to sug- 
gest its plaiuabihty and as planetary scientists keep 
finding apparent examples of it in the heavens. 

Dr. David A. Williams and Dr. Ronald Greeley 
of Arizona State University recently reported in 
the journal Icarus that toe largest impact basin on 
Mars, Hellas Plenitia, is antipodal to Alba Patera, 
an eruption that sprawls for nearly 1,000 mQes 
(1,600 kilometers) across the Martian surface and 
is the largest volcano in the solar system. 

Moreover, they calculate that the impact’s re- 
verberations at the antipode were strong enough 


to tear open fractures more than 10 miles deep, 
perhaps helping to trigger a titanic flow of lava. 

As for theEartb, a team of scientists at the 
Sandia National Laboratcny in Albuquerque, 
New Mexico, recently used a powerful computer 
to simulate the damage a speeding asteroid some 
six writes in diameter — the estimated size of toe 
dinosaur killer — would have wrought at the 
impact’s antipode. 

They discovered that the crust there would 
have heaved as high as 60 feet (IS metws) in a 
series of catastrophic tremors. In comparison, 
the ground at the great San Francisco earthquake 
of 1906 moved a few feet at most. 

“The Earth acts like a lens,” said Dr. Mark B. 
Boslough, a Sandia physicist who is leading the 
s i m ulation effort “It focuses the energy. There 
has been a lot of speculation about this in rela- 
tion to asteroid impacts and volcanic eruptions, 
but we’ve done the first rigorous modeling to 
show where the energy actually goes,” 

Dr. John T. Hagstrum, an early advocate of 
the theory who works at the U. S. Geological 
Survey in Menlo Park, California, cautioned that 
antii 


Some scientists now theorize that the 
consequences of both a meteorite impact and a 
great volcanic eruption were to blame in the 
extinction of the dinosaurs 65 million years ago. 
A cross section of the earth shows scientists' 
simulation of possible patterns of shock 
reverberations from the impact of a large, high- 
speed object hitting the surface. The earth, 
acting like a lens, refocuses the energy on a line 
drawn through the corresponding point at the 


opposite side, or antipode. The scientists 
conjecture that the great energy of these 
reverberating shock waves, taking about 80 
minutes to reach the antipode, could have set 
off a great volanic event there- Below, a 
schematic representation of the effects of 
impact of an asteroid 1 0 kilometers (about 6 
miles) across, in the first seconds after the 
impact. The impact itself would have produced 
sun-obscuring clouds of debris, while tne 


volcanic eruptions would have released an 
aerosol of chlorine, sulfur dioxWearto rarbon 
dioxide and a cloud of deadly ash and debns, 
severely disrupting the atmosphere. The result 
could have spelled doom for the dinosaurs and 
many other species. 


SoM*xOr. U. B. Boslough. 




Typical path of 
shockwaves 



strum 
flat on its face. 
suxddnggun.rd 


it now, Fm waiting for toe 
toe whole thing intriguing.” 


T HE idea that a doomsday rode did in toe 
dinosaurs was first proposed in 1980 by 
Dr. Walts' Alvarez, a geologist at the 
University of California at Berkeley. He 
and his colleagues had found unusually large 
amounts of toe rare metal iridium in sediments 
laid down about the time toe dinosaurs died out, 
at the end of the Cretaceous period. They pro- 
posed that the iridium came from a cosmic 
catastrophe. 

A weak Zink in toe theory was the lack of a 
crater of toe correct size and age. But then 
scientists identified a giant scar more than 100 
miles across on the northern edge of the Yucatan 
Peninsula in Mexico, long burial by erosion and 
sedimentation. It is now the leading candidate 
for the impact crater. 




Anti 


John Papans/Tbo New Yods Ttao 


U.S. Agency Approves Lung Cancer Drug 

WASHINGTON (AFP) — The U.S. Food and Drug Adminis- 
tration has approved a new drug, Navelbine, that increases; the 
lifespan of patients suffering from incurable lung cancer. The 
drug, a semisyntoetic derivative of toe vinca flower family, pre- 
vents cancer cells from multiplying by fusing together an integral 
part of the cancer's internal skeleton, said Dr. John Hohneker, an 
oncologist from Burroughs Wellcome Co- toe drug’s developer. 


Doctors in Nepal Conquer New Strain of Diarrhea 


By Daniel Goleman 

New York Times S&vice 


Weight Training Can Help Avoid Fractures 

CHICAGO (AP) — Forty minutes of intensive weight training 
twice a week can help older women avoid the devastating hip and 
spine fractures that are linked to thinning bones, researchers said. 
The findings, which were published in The Journal of the Ameri- 
can Medical Association, show that post-anenop ausal women who 
fallowed this regimen fora year built up their bones, increased the 
size and power of their muscles and improved their balance. 


Give thelHT 
as a gift 

and give yourself 
a gift as well! 



Up toSO % off the eowerprvcet 


A subscription to the IHT is an ideal year- 
long ^ift for a friend or business acquaintance — 


especially at our special gift rate of up to 50% 
ofl the cover price. 


For each six-or twelve-month gift 


subscription that you order we will send you 
the Oxford Encyclopedias illustrated above — 


absolutely free. .And. of course, we will send the 
new subscriber a handsome card, signed as you 
specify, announcing your gift 






Special bonus 
*for current subscribers 
We will extend vour own subscription 
by one week for each month's gift 
subscription you enter. For example, if you 
order two one-year gift subscriptions, your 
own subscription will automatically be 
extended by 24 weeks. 


Subscribe yourself 

If you are not already an IHT subscriber, 
you can also take advantage of this special gift 


offer. In addition to your subscription you will 
rewive these Oxford Encyclopedias - FREE. 


fbrdetails, 

watch for further answuMteemesUs or 
• Coll us toll-free in ■V JIMM4" . ^ 

AtSTRIA; /J6W81.W LUXEMBOURG; 08002703 

BEI.UtU- «8W1 I7SW SWITZERLAND: 15557 57 

FRYMX: 05 4*7 437 THE MOTHERLANDS: 06 022 5158 
GERM AM .-0)30 848585 L'MTED KINGDOM: 0800 89 5965 


Sjwiial "ill rail- f «r ii"» tulMTilwri only. 
UJIit valid through January 3i, I'WS. 


IYTCKMTBWAI.i 



»nn im «>w in** iiw% *m» im+ msHr«.iiA rini 


K ATMANDU, Nepal — This is a tale of 
toe little clinic that could. It involves a 
tainted head of lettuce in the refrigera- 
tor of a British diplomat and a newly 
discovered disease that afflicts travelers around 
the world. 

The disease begins with severe diarrhea, nau- 
sea and stomach cramps, then progresses to 
weeks of debilitating fatigue and loss of appetite. 
Victims routinely lose as much as 15 to 20 
pounds (6.8 to 9 kilos). Travelers to warm climes 
seem particularly susceptible. 

The disease perplexed physicians at Cook 
County Hospital in Chicago, where an outbreak 
in 1989 was toe first reported in medical litera- 
ture. It puzzled epidemiologists at the federal 
Centers for Disease Control and Prevention in 
Atlanta, who over the next several years gathered 
reports of outbreaks from countries as diverse as 


Morocco, Peru and New Guinea, and among 
AIDS patients in toe United States. 

And it mystified the doctors at a small clinic in 
Katmandu, where some members erf the medical 
staff and their families came down with the dis- 
ease. So did 40 pocent of Peace Corp volunteers 
one year as they trained for stmts in Nepal and 9 
percent of toe 250-member American diplomatic 
community here. During the warm months, the 
disease accounts for up to 25 percent of all travel- 
er’s diarrhea cases treated at the clini c. 

No one knew what caused toe disease, how 
people got infected or toe cure. But toe main 
answers were all to come from the Ciwec Clinic 
here. 

‘The definitive work has been done here,” said 
Dr. Robert Scott, an infectious disease specialist 
with the Armed Forces Research Institute of 
Medical Science. Based in Bangkok, Dr. Scott 
was at toe clinic to plan a vaccination trial for a 
virulent form of E edi bacteria that is toe most 
common cause of traveler's diarrhea. 

An early due to the cause of toe new disease 


came in 1989, when Ramachandran Rajah, the 
bead of the clinic’s medical laboratory, noticed 
what at first looked tike a bit of pollen in stool 
specimens of patients with toe disease. 

“Rajah was seeing an unusual organism in 
samples from patients who all complained of 
extreme fatigue, poor appetite and weight loss, 
indigestion and diarrhea,* said Dr. Gregory Ra- 
baW, a physician at the clinic. “But this was not 
toe usual traveler’s diarrhea — these people just 
didn’t get any better. It went on for weeks and 
weeks, and showed no signs of toe usual causes: 
no bacteria, no giardia, no amoeba. This disease 
was a new entity.” 

The organism resembled Cryptosporidium, the 
protozoan that gained notoriety last year by 
infiltrating toe Milwaukee water supply, causing 
an epidemic of stomach ailments and possibly 
contributing to 40 deaths. But the new organism 
was twice the size and fit no known description. 
“It was a curiosity,” said Dr. Rajah. 

Dr. David Shlim, director of the cKnic, sent a 
slide of the mysterious organism along with de- 


scriptions of the disease to Dr. Earl Long, a 
iracrobiokjgret at the CDC, where the same organ- 
ism had been identified with the outbreak at Cook 
County Hospital. Traveling to Katmandu to 
investigate, Dr. Long isolated the organism on a 
head erf lettuce in the refrigerator of a British 
diplomat who had came down with toe disease 
“The group in Katmandu was the first to define 
the disease associated with the organism,” be said. 

In 1993 a report in The Lancet told of an 
AIDS patient with cyclospora who responded to 
treatment by Bactrim, an antibiotic once rou- 
tinely used to treat diarrhea but in recent yea jM 
abandoned because most organisms that cans* 
diarrhea had become resistant to it. 

With that report in mind, and under the lead- 
ership of Dr. Charles Hoge, an epidemiologist at 
toe Armed Forces Research Institute of Medical 
Science in Bangkok, Dr. Shlim and toe other 
physicians at the dime conducted a carefully 
designed trial of Bactrim and those infected with 
cydospora. The medication worked; the results 
will be published eariy next year in The Lancet. 


By Alan Truscott 


.player is a magazine sub- 
scription. There are six major 

FngHsh-langiiftge ma gaaines, gj] 

of which have tournament re- 
ports and technical articles. 

European Bridge - 65 years 


and Bridge Magazine - first ap- 
peared in October, with 26 con- 
tributors from 15 different 
countries. The Bridge World 
and Bridge Magazine can be 
ordered from The Bridge 
World. 39 West 94th Street, 
New York, New York 10025. 


Both opponents have passed, 
so neither is likely to have more 
than 1 1 high-card points. East's 
spade play indicates that he be- 
ran with A-K-Q. He must have 
the long or queen of dia'nonds, 
since West would have led that 
suit with a K-Q-J holding. 

So East began with at least 11 
high-card points in spades and 
diamonds. If he had the heart 
queen he would have opened 
bidding, so South must play 
West for that card. 


A Virus That Acts Like a Cold 


By Jane Ew Brody 

New York Tima Service 




EW YORK — By the age of 3, 
most children have had at least 
one respiratory infection caused 
by a virus that few people have 


heard of and fewer still take seriously. 

5, or RSV, 


European Bridge can be or- 
dered from Munlcegatan 12 D, 


N-3110 Tonsberg, Norway. 

One contributor was Berry 
Westra, a Dutchman who won 
the world team title in Chile 15 
months ago. He invited readers 
to solve toe problem of toe 
trump queen on the diagramed 
deal. 


NORTH 
410 5 
9K102 
0 10 5 3 
4 A Q J 8 7 

WEST (D) 
4087632 
CQ87 
OK J 
410 3 


EAST 
4 AKQ 
V9 

0 Q9742 
49642 
SOUTH 
4 J 4 
A J 6 54 3 
0 A86 

4X9 


Cover the East-West hands, 
and plan the play in four hearts. 
The spade nine is led, and East 
takes the queen and ace. He 
shifts to toe diamond four, and 
you play the ace, on which West 
drops the jack. What now? 


Both skies were vulnerable. The 


Uddfog: 

West 

North 

East 

South 

Pass'' 

Pass 

Pass 

1 c 

Pass 

24 

Pass 

29 

Pass 

30 

Pass 

40 

Pass 

Pass 

Pass 



West leads the spade nine. 


It is respiratory syncytial virus, « 
which was first discovered in chimpanzees 
in 1956 but was soon recognized as a 
nearly universal cause of a cold-like illness 
in people. 

Regardless of its relative obscurity and 
usually benign nature, RSV is not an organ- 
ism to be taken lightly. An RSV infection 
can result in serious, even fatal, respiratory 
illness when it infects vary young infants or 
any children with medical conditions like 
congenital heart or lung disease or respira- 
tory damage after premature birth. 

RSV, a highly contagious virus, is toe 
leading cause in young children of severe 
lower respiratory illness — bronchiolitis 
and pneumonia — - which often requires 
hospital treatment. 

Each year, 90,000 children are hospital- 
ized with RSV, and toe virus is responsible 
for an estimated 4,500 childhood deaths. It 
can be a very expensive illness, costing 
more than 55,000 a day to treat infants 
who need respiratory assistance and a total 
of $77,600 for a two-week hospital stay. 


In addition, after recovering from RSV, 
some children develop an asthmatic condi- 
tion that can persist throughout childhood 
and occasionally into adulthood. 

Adults too sometimes become very ill 
with an RSV infection. In most adults, the 
virus causes a mild respiratory infection 
that is clinically indistinguishable from 
any other common cold. 

But British researchers reported last year 
that in elderiy people RSV might be as 
imp o r tant as influenza viruses in ejuisjng 
serious and even fatal respiratory illness. 

The virus's symptoms m the elderly of- 
ten mimic those of influenza. Dr. D. M. 
Fleming and Dr. K. W. Cross of the Bir- 
mingham Research Unit in England re- 
port aim The Lancet 

In fact the researchers suggested that 
RSV infections might be one reason flu 
vaccine appears to be less effective in older 
people; such people may think they have 
the flu but actually have RSV. 

The “season" for RSV infections in toe 
temperate northern hemisphere starts in 
December, peaks in January and February 
and peters out in April. 


Dr. Susan Brugman, a pediatric pul- 
Jewish Center 


mcmologist at toe National 
for Immunology and Respiratory Medi- 
cine in Denver, said RSV typically started 
like any cold: in the upper respiratory 
tract, causing a runny nose, slight fever 


and fussiness. But the infection can then 
znovemto the lower respiratory tract — toe 
bronchioles and lungs. She explained that 
although “the majority of babies are not at 
risk of demdophm severe RSV, infants un- 
der 6 months of age have much smaller 
airways that are more likely to become 
plugged up, making breathing difficult.” 

Dr. William Gruber, a specialist in pedi- 
atric infectious diseases at Vanderbilt Uni- 
versity in Nashville, Tennessee, said the 
virus spread to the lower respiratory tract 
in about 20 percent of infected children. 

Signs erf such spread include wheezing, a 
sinking of the chest between toe ribs when 
toe child inhales, rapid breathing and halt- 
ed breathing for periods of time. 

Dr. Brugman cautions parents to be on 
the alert for a serious infection. “The infec- 
tion has become severe if the baby begins 
to breathe faster, has difficulty breathing, 
wheezes and coughs and stops drinking 
fluids,” toe said. 

Babies with such respiratory symptoms 
should always have their blood rinwirfri to 
see if they are getting enough oxygen. Even 
if toe baby does not look blue, more oxy- 
gen may be needed. Dr. Brugman said. 

Although a 20-minute antibody test for 
toevrod infection can be performed in a 
the test is oomplex the 
RSV is more often made in a 
hospital laboratory. Dr. Gruber said 





* 3 


a 

53 

4.4 


ft- *“• 




1 


£ 

S3 


<:? 


* 

-t<0 

.;.'i 




& *** 


it 

t' »•-"= 

•• ** 


■ 


. -*S, 


^ " r 


**- 


am 

m-* 




- * 






■ =,# 

•p 




■1 

** 


r-e-- 


IV 

-JMi 










<Tm 

■bn-: 


-■* 


BOOKS 


THE RUIN OF KASCH 

By Roberto Cobsso. Translated 


from Italian by William Weaver 
and Stephen Sanarelii. 385 
pages. $24.95. Harvard Univer- 
sity Press. 


Reviewed by 
Steven Moore 


T EN years ago 1 attended a 
lecture by the Italian liter- 
ary theorist and novelist Um- 
berto Eco that began with a 
simple thesis that grew progres- 
sively more complicated as he 
took us on a whirlwind tour of 
his encyclopedic mind. Just 
when the argument was off in 
some Ultima Thule of a sub- 
digression, seemingly leagues 
away from his starting point, 
Eco suddenly, like a magician 
tapping on a knot, pulled his 
line of reasoning free and all 
became clear. His countryman 
Roberto Calasso performs a 
similar feat in his new book, an 
intellectual tour de force that 


begins and ends with a consid- 
eration of Talleyrand's place in 
European intellectual history 
but includes just about every- 
thing imaginable in between. 

Calasso’s previous book in 
English translation, last year’s 
“Marriage of Cadmus and Har- 
mony,” was a hybrid of Greek 
mythology and cultural analysis. 
IBs new book (though written 
earlier than “The Marriage”) is a 
similar hybrid of histoiy, eco- 
nomics, anthropology, theology, 
metaphysics and philosophy, 
with digressions into cvexything 
from Vedic mythology to liter- 
ary criticism. It doesin resemble 
a straightforward study in any of 
those fields; instead, Calasso 
strings together hundreds of an- 
ecdotes and quotations (cited in 
25 pages of notes at toe end) 
along with his own annotations 
and observations. The result re- 
sembles such awesome compen- 
diums as Frazer's “Golden 
Bough," Burton’s “Anatomy erf 
Melancholy" and (closer to our 
own time) Norman O. Brown’s 
“Love’s Body" or Robert K. 


Merton’s “On the Shoulders of 

Giants.” 

In "The Ruin of Kasch" one 
finds material from the “Rig 
Veda” and “Upanishads," 
through Sade, Balzac, Melville, 
Marx, Frazer, up to Kafka and 
Si mo ne Wefl. (When was the last 
time you read a book that dis- 
cussed Porphyry's “De Abstin- 
entia” and died the “Laws of 
Manu” on the same page?) 
There are discustions of fasci- 
nating but little-known figures. 
Curious anecdotes and asides 
abound. 

The challenge is to follow the 
arguments through ever-widen- 
ing circles of digression. Ca- 
lasso is concerned with the civi- 
lization's movement from 
ancient modes of thinking to 


modem, specifically with that 
ben what fiterary crit- 


period when 
ics call the meta-narrative of 
Western culture broke down. 
Up until just before the French 
Revolution, civilization was 
still functioning according to 
ancient patterns: kingship, a 
God-centered universe, tradi- 


tional notions of law and sacri- 
fice and so on. After toe French 
Revolution, everything was 
questioned and convention lost 
force. That decisive break is Car 
lasso’s concern, along with toe 
chief factors that lea up to it 
and the attempts by 19th-centu- 
ry writers and philosophers to 
create a new meta-narrative for 
the future. (Marx and Engels 
came up with one such narra- 
tive. a poorly contrived scenario 
that Calasso discusses at some 
length, and whose concluding 
chapter still lay in the future 
when he published the Italian 
version of this book in 1983.) 

Calasso found a parable of 
Western civilization’s transition 
from the ancient to the modern 
in toe story of toe fall of Kasch, a 
legendary African kingdom. 
Taken from Leo Frobooius’s 
“Atlantis,” it is a marvelous. 
"Arabian Nighis”-like tale of a 
storyteller who disrupts the 
kingdom's traditional rituals and 
observances and inadvertently 
sows the seeds of destruction. 

Obvious to all but fundamen- 


talists, we cannot return to an- 
cient ways, but modem ways 
have yet to provide a meaning- 
ful structure to our lives, or so 
Calasso seems to suggest. I use 
“seems” because “The Ruin of 
Kasch.” for ail its polymatoic 
brilliance, offers not a coherent 
argument but something more 
like lecture notes for a yearlong 
course, notes that would be 
contextualized in delivery. 
Though clearly a work of non- 
fiction, it perhaps needs to be 


read as though it were a de- 
manding but brilliant encydo- 

pedic novel something along 

toe lines of Gaddis’s “Recogni- 
tions" or Coover’s “Public 
— to other words, 
somethmg resembling the most 
mlnguing and enlightening 

books of our time. 


Moore, senior editor <ti 
the Renew of Contemporary Pic- 
tion, wrote this for The Washing- 
ton Past. 


: -y ■ 

» b * - .r - 

•-»! -• 
■ 

■i :- r ; ’ ' m 



- ■» m 

J _ . „*■ 


■ T ' f 

►.-*4 



: ’ 

* 

T— t 

m 





•: “v.- - 

-ISIS' 

\k iv.S" ■*-*“ 


lr ■ •. ■ •v 

M . 

;i .- ; 


■*•- . 


• 1 : ■ 


•cr v : 

• > m >. 

ft 

i» 


m 

"V. 

■ #;* 


’ .t * - r 

UJk 

«r : - ■ . ■* 

- .fc 

* ■ 

•.or ‘ v* 

* ■■ • 

i "i 

■ * . 

, -4 

«* ■ • -• 




“ • • * . 

« -n 

If -r : - 

• m 

. 



• (>• • 

•-■x 

■ r * 

•t n 

- " "• ■* 

• 


VJ* 

— j 

'ftj 

•P : „ 

* 31 

■*-' V " 

“ i" 


, "» 






'i - . 


iv4t 


■ cr 

."5‘ ! 

■ v 

•.C 7 ^ . 

-■tr. 


i*: 





’ * 

• ; 

iJt 

■- 

; • 

*j- Hi 

«- T — 


’ 3 


’ SAW 


■* : 

■V- ■ 

Si,-s 


•ur 

S 


•Vs-; r«~ •. 

••-5 » 

‘7a;:-"-- 




ysss 



■ • ; 

i ; <• 

• s«”" - 

■:r*~ 

iv*, • - ■ V .* 

:*uc 

aSr;. — . : 

.lefi. 

~r: 

^-TT 





V. r .s- ' - . 

,*■{;' — — i 


- . 2 

MX 

v-i - ■ ■ 

ua 

1 


*>.s - 



ft.fr. 

*«:■ 



SSS'SiJ 

-3 

*-? 


: u 

* S' ■ 

- T 


tv 


ite.vj'.y! 

•ftfiV . 

*: u> 

si-:.-- - 

■Ci- 




'-Ai m 


_WHAT THEY'RE READING 


•Shere Hite, the f eminis t 
writer, is reading “ Frida Kahlo 
/ 907-1954, Pedn and Passion” 
by Andrea Ketlenmann. . 

“Her life is chronicled 
through ber paintings and there 
are clues about her emotional 
state in each image. She really 
says a lot about women through 
her paintings and the book has 
wonderful color illustrations. I 
identify a lot with her." 

(Marcelle Katz, JHT) 


~ 4 


' ,3 M» 












■■■■■ : 






iarrliei 


li ( .n!d 



SS‘sr"« 

gagg^ b 


* Tnws Ewwe pSgFi — £ ! T 2-2 

*■**■=* S?:H 

awamrdf^ F| ai» 

^ Worth Araerlcn r n rrf , *7. W 

* Aston tBHHT* 5 SL7J 

* Europe E quInm 5 «*.H 

«* Jason Equity Frt « *U7 

r C*i iiMmv Eauirvu 5116 

«» Global ^ P* 9*36 

« Europe Bond fS J 49.19 

a US BOM Fung ** ' — } 4693 

«srMs£^— as, ,]«» 

5^,5^=4m !5 


* vwb» ga g” muiu>l -. Fuwp 5 Ia 

asTO , i£S ;;? =4« ,* 

iVB2z a^==S gf 

Sffi! E^=i 5£ 

JVsssauBU 85 

saasa g* — ; *5 

a natural tem ». * i 

a AIG Aint^rSS. " V 
» *}g *»*> Etne ra wSSTFdZj 

yAC BcSoncea Worto RJ J 

a AIG Enters Mkts Bd F a j 

JAIG Jrean Fund 

1 AIG Jason 5nvod Crn Fd s 

w AIG Latin AmerUaFo iriTl 
w AIG Mlftcwrencv Bd ftjpitt 
ty AIG Soulti East Asia pd * 

a Htoti me Fu na 

tf UBZ Euro-OiairnLzer Fund F™ 
a UBZ Liquidity Freni * 

ssssyaasasS3i 

a A»ng Bora Horden * mu» 

Alfred Bcra Sicnv 

a Sermany — r^. 1— ?1 

ffl 

S -r , ”UJ« 

a North Aroerfrn . 2 

gjwlt rertand^ZZZ 5 F IW3* 

Al£HA FUND MANAGEMENT, LTD ^ 
* «*»• Hamilton. HM11 Bermuda 


wAWto Asia Hedge (D«. Ml-S i/nS 

°t Alpha Eurooe Fd (Nov 7 C)_ecu wm 

« Alpha Futures fc ino* Xtj ns.n 

m Alpha Glbl Pro Traa Nov 30) 90.99 

m Alpha Global Fa (Oct 31] _s 
m Alpha Hdo Fd q a /O ct jV~s JuS 

»AWwHd9FdC |B /Ort3lIs 10t« 

at Alpha Hdp Fa ci C/OcS3l_a 1D oji 

mAmasflM- , , f nso 

m Alpha Short Fd|Nav3DI s «3 

mAlpha Sht-T Fix Inc/Nov 385 t tirt 

m Alpha TDldaie Fd (Now 391 j tnS 

mAtoha WarttHnstun (Nov Ml j iioih 

tr BCO/AWta Gl Hedge Od 311 B9S3 

w BCO/Alpha Mkt Ntri Oct 31 s MUi 

m Buch-Alaha Eurikfc Wav 33 Ecu iiut 

mCrescct Aslan Hedge No. 38S I0X9V 

mGtobctvesi Value [Dec is) _3 I5A&SE 

w Helscl Japan Fund .Y nu> 

m Hemisphere Neutral Octal s KkSe 

mLotlnvost Value ID«clil_l 13 a.ro 

mNictiAppi Aurelia loa 311 _j I7&37 

mPocHRiMOapBViDecie^ wjjj 

in Rtapoen Inti Fund/Nov 30_S «A4I 

m Sana Inn Fd i Nov 30) % ivuj 

m Saha Inti Fd (No. 30) i mi7 

AMSTEL (ASIA) LTD Tel: HUB S7 51 
or Sprinter Japan Small Co l_J IL67 

at ihefa Company Fd I Y i iK.m 

ARISTA CAPITAL GROWTH FUND LTD 
Zurich 41-1-191 U30 

m Reautatkei S .. i LM 

ARRAL ASSOCIATES LTD 

tv Arral American OuantFiLs iuu 

* Amd Aslan Fund j 35133 

» Arral Inti Hedge Fund I 20192 

ATLAS CAPITAL MANAGEMENT LTD 

W Alias Gfctoal Fd S n*7 

BAH, n Place vendpmi. iseei Paris 
m Intel iiirkrl Fund — « S3SA4 

I lnlerp«l Convert Bds FF 2S3L0O 

f Intarptfl InH Bds S 5013a 

r Intenrffl Ohll Convertibles^ 5B2A2 

In t emwrkel Multicurrency Fund 

mOaaA FF 22I7JJ 

m Ckm B j 21147 

BANK BRUSSELS LAMBERT {D-D 547 2*37 


a BBL Invest Antericn — — 4 

a BBL Invest Betahim BF 

a BBL Invest Far East Y 

rf BBL invest Ada S 

a BBL Invest Latin Amer — s 
a BBL Invest UK C 


a BBL (LI Inv GoUmln 
a BBL LI invest Eurw 


a BBL (L) Invest Wbria LF 

a BBL CL) Invest Base Mutates 

d BBL (FI Invest France FF 

d BBL IF) Renhtfund FRF^FF 

d BBL Renta Fd infl LF 

d BBL PatrimonM Bat LF 

d Renta Cash S-MedhitnBEFBF 
d Renta Cash S-Medhim DEMDM 
d Renta Cashs Me dium U SDS 


a rnniuwia IIII HII' v w» .. « 


ir infl Equity Rmd 
w Inti Band Fund- 


India Funa_«_ % 


W SterUng Bd Fd t 

BANQUE INOOSUEZ 
w The Draaan Fund Stav—J 


m Japan Gtd FdA (SI/1B7J4IJ 
m Japan Gtd FdBinWMJ 
m Dual Futures Fd a C UnltsS 
miwndma Fat. Pd Ser- 1 CL as 
m Maxima Ful FdSor.SO. C» 
m Maxima Put. FflSor.2 a DS 
m indium Qtrr. Cl A Un£_J 
til Indosuez Curr. G B Units— S 

d IsAAdatl Ortnv th Fund --J 

d 15A Ashta InctxM Fund — s 

a (AdeoMa Korea Font * 

irShonshol Fund- 1 

iv Himalayan Fund J 

ir Manila Fund — ■ - » 

wrM Ol a cgiPu nd * 

nr Slam Fund — 

d mdosuse Hettp KenoFundJ 

d SlngaptMtfoY Trust * 

a Pacific Trust. hks 

d Tasman Fund 1 

d joponFtrK)— J 

ir Managed Trust -— - — —p-* 
d Gortmore Japan Vtarram-a 
iv iretawez Mlph YW Bd Fd AS 
SiSdSSHlShYMBdFaBA^ 

OAtaxlEV ono F» 

0 Mail France— FF 

nr Maxi Frtm»9S Fr 

d Indosuez LatmArnerto, — | 

* !!!S^SV"K?SS=xim 


d inoosuet iT~7^A 

gji^^iSl^CR^BANK. 

JpSSe Eura^ E^ne—Ecu i«-U 

wPw5 d e^wg| Z*—\ 23 

sagBS^? as 


jPletadeFF Bonds — — fF 

EuraCtawao^-gF , 5 -j 

w Fr.Tn^ve ear 10AM 

w E£££ frnSS T S F 10W7 

_ rr P F ,0SJ1 

Hotta.Kong.JeJ: <ft52l B261900 7.135 

d CWnoJPRCl - ■* 79ASS 

d maw*- % 9ji* 

d Japan— 1 njBTJ 

d Korea-- ; 2*446 

d J 21402 

a Philip pin es. — I 30.49? 

gSSffir==| g£ 

giSfSfi^O- MANG«(.REtANDl LTD 

y High YWd Bond-- O p as JV 

[non SIB RECOGNIZED) 24.95' 

„ Australia— — - - moo 

^ Japan Tedyotcgy 1 2AB9 

wjppcn Fund— — — — — — -J 2043 

1 122JS 

n, Malaysia A Sboopere » 2429 

iv North , »« 


■r North ArnertcQ 

nr PodHc Ftaw - j ,r 
wr International Bond, 
tr Emwo Fund — — 
IT HOtta KMta 


ivTrtetor wuiiixii-. 

(v Global Enteral npMkta. 


5 m 

m BCL FRF 


SBfiss 


:S58SS£«s=^r 


a 


— ir-— a— t UlC— rr 


i « 


JSSlmiest-Superta^ — ' 

BN p LUXEMBOURG 

iuTERCASi ..FF 

# Fiesta FRF -—- -TI FF 

i Fran cg Seq wiM- 

} utter Cadt PM ^ £c 

i 

j. 

sBBSS^ 










m Eurane do Nord i 

v B*ZZ==rX 

vyAnyrtoueauttont ’— J 

Z *“*£» Aslolique 

* uieooi I 

* Small Cob ~ *? 

BSS GROUP * 

» IMelbona cm 

" Jntehec Cm _ 

» Smtsstunn ret — 

g*g”*rgeW*L FUNDStciv 
2 Global Eo USD A IDtvl \ 

2 SSS! I q USD ® |Ct »i » 

2 S2S g 000 - U5D A in.) _i 

% 55*5 2 w “ fc 050 B ica»» s 

2 ?5S 5 ena '- F RF A I D..I .F F 
0 Glotioi Bonos FBF B (Cop) J=f 
a Flnnsrc Giotal FM A ll£v» FM 


LSTiraF B icnpi FF 

“ ^ Americo USD A 

sSSS® 

a Wano usd B i c q p i « 

BUCHANAN FUND LIMITED 

rs 5 lll3 

ass ay — u g 

; saE "*"-* — * {H 

1 BANQUES POP 43 


2 M!” « f*» asaw 

a Fructljuy - OOL Euro B . F m i vurx 
5 E£“2!5* ' *OMW Fses C— FF 838257 

ewSSSi -. 0 ^^— dm iififf 

m Emor - Grovrth S 13145 

•vCMtanderF-Asscl— 3 lijS 

l, £°!!23? rF ' Al ' Mr * 0 "^ — AS 1 18495 

w Caltander F-SponKn ov. 7KB 00 

ur Cullender F-US Heattn Corel jjjb 

Growth SF 1*7 JE 

CAMPBELL (BERMUDA] LTD 

rStS9Sf^ ,M D * ,e, J 889.ME 

yjM OIAM INTERNATIONAL GROUP 

a CI Camden Growth Fd CS 4 J 7 

d Cl North American Fd Cl 8.11 

i r , Cl 17U9 

a Cl Global Fund a 9 19 

a Cl Emerg Marvels Fd Cl 859 

d Cl European Fund CS jjj 

a Conado Guor Mortgage FdC* 19 JO 

CAPITAL INTERNATIONAL 

w Capital inn Fund 9 17942 

iv Capital Italia S A * 4UB 

CDC INTERNATIONAL 

w CEP Court Term FF IB0728JII 

CHEMICAL IRELAND Fd ADM LTD 
3S3-1 U 13 431 

w Korea list Creturv Irrvt 1 11J3 

w Tne Yellow Sea Invt Ca 1 1142 

CINDAM BRAZIL FUND 

0 Ctodum Equity Fund 1 147.1998 

Bman^od Funa — l 12R.»S» 

CITIBANK (LUXEMBOURG) SA. 

POB 1373 Luxembourg Tel 477 95 71 

a OMmrttJ GloDoi Bond S 9844 

a Clttnvest FGP USD 1 11873(9 

a Clflnvest FGP ECU. Ecu 120181 

a caimrest Setector 1 131822 

a Citlcurreaaes USO_^_JS 1*7056 

a Clilcurrencm DEM dm Ui82 

a aticunencta gap t 18*44 

d Clllcurrencles Yen— _Y 1248840 

a atiport na. Eauitv s m27 

a ailpon Coni. Euro Eauttv -Ecu 17154 

a Ciliport UK Eauitv £ 13248 

a emport French Equity FF 131859 

d Ci Upon German Equity ___ dm 9842 

a ClllPOri japan Eauitv Y *61240 

a ancon iapec s 21545 

a awpon Earner t ttlJf 

a Cltlparl NA 5 Bond 1 IS7J9 

a Crt toon Eure Bond Ecu 14888 

d Managed Currency Fund-1 1047 

a India Focus Fund 1 92138 

CITIBANK (PARIS) SJL 27/13/94 

d CIN 96 Cap Gtd 1 9461.05 

d CUI Asia Capital Gtd Fd S 949 

dCItiGMAstonMkisFa 1 912148 

d Oti Lot AmerCopGM Fd— 1 954 

CITITRUST 

w US 5 Equities » 25*457 

iv US S Money Market 1 18394 

■.tlAtHjriMfv % 16471 

mCltlperformance Pttl SA 5 18832 

iv The Good Earrtl Fund S 11.102 

COMGEST ID-1) *4 7B 75 II 

t CF.E. Lotus Fund 1 9.1312 

wComoest Asia t 136025 

w Camaesl Europe SF 125544 

CONCEPT FUND 

bWAMGtobdi Hedge Fd S 974.1? 

b MMM Inti Bd Hedge Fid 1 95850 

CONCERTO LIMITED 

iv NAV 16 Dec 19*4, 1 98J8 

COWEN ASSET MANAGEMENT 
Cowen Enterprise Fund N.V. 

vrCJass A5hs 1 *6057 

nr Clan B Shs 1 147*57 

CREDIS INVESTMENT FUNDS 

aC5PtoHlncOMA DM KHJO 

a CS Porff Inc DM a DM 103647 


I a CS Porti Inc (Lire) A/B .LH 98430240 

a CS Porfl Inc SFR A SF 98749 


d CS PortC Inc SFR B- 

a CS Port! Inc USA 1 

d CSPorif IKUSSB s 

d CS Porti Bal DM — ..DM 

a CS Portf IM (Lira) A/B .LH 

a CS Portf Bb I SFR SF 

d ciportf GrawmDM. dm 

*8R8Stfffi£=tf 

a C5 Portf Growth USS —S 

a CS Money MurtWt Fd BEF.BF 
rfCS Money Market FdCS — a 


d CSM w Mof^FdSi— WA TOR 

d § Money ^Stot Fd Ecu— Ecu 1«145 

a CS Money Market Fd HR— Fi 12M.15 

d C3 Mrewy Mortal Fd Ut — Ul inW68M 
dC5MMwMwfcefraPta_PRM UgJMO 
a CS Money MvfcBt M SF — SF »»«7 

a CS Money Market Fd s— 1 
d CS Money Market Fd Yen_Y M65K40 
d CS Money Maricet Fd t 1 2419J0 


r Morttet Fdc- — c 
iFdEmervMUsJ 


d CradfefaMSmHGNiEwDM 


d CredheqFd Small Cop GergM 
d Cretfi Eq Fd StnoH Cop JopY 
d Credts Ea Fd Sm Cap USA A 
d Credh Korea Fuad— 1 
d credi* SmlNMM Cog SwflrtSF 

d Credit SmssoFminh SF 

a CS Eure Blue OOPS A DM 

aCSEuretMueOtosa DM 

d CS France £ F 

d CS France Fund B FF 

d CS Germany Rmd A DM 

d CS Germany Fond B DM 

d CS Gold Mines A S 

d C5GoWMln»B J 

a CS GaM Vtakr_ 5 

d CS Hboaits tbtfia Fd A Pta 

a CS Htspano iberta Fa B— Pta 

a cs Italy Fund a lh 

d CS Italy Fund B LM 

a CS Japan Megatrona SFR-5F 
d CS Japan Megpt nwd Yen_Y 

d C5 Nethertanria Fd A _FL 

d CS Netfm tcrtH Fd S. Ft 

d CS NartthAtnwIcai A * 

a cs NorthAmertcan a » 

a CSOeko-PrafecA DM 

d CS Oeko-Prolec: B DM 

a CSTtoer Fund— — 1 

d CS UK Fund A 1 

d CS UK Fund B 1 

d EnsrMe-yetor— SF 

d Eurreo Voter — — — — 

a PocJftc- Vatar SF 

d 5 chwe«iereMtBB. -■ S F 

a Bond Valor D -Mar* DM 

d Bond VtSar Swl_— . — SF 

a Bond VWorUS-Dottor 1 

d Bond Valor YW—-— V 


d Bond voter tsgyno J 


BendFd AuaSB A* 

Bond Fd Coma — a 

Bond Fd DM B DM 

£3 f fS£S=f ff f 

SSSSSSSS^S 


iSSSSSSSit 


d C5EcuBCTtoB— 

sgrais^ 


l/*6 D« 

l%1/9*-Ecu 


d CS FF Bond A 

d CS FF Bond B— — ■ 
a CS Gulden Bond A 
a CS Gulden Bond 8 

a C5 Prime Bond A. 
. a CS prime Band B; 


a CS 5lKlft-T. B OHtf DM B— OW 

dC5 9«d-T.BWliA > 

a CS awti-T. Bon d SB — * 

g cs SwiM Franc Bond A [ P 

d cS Swin Franc Band B ^ 


a CS Eurerea — — "" 

CREDIT AGRICOLE 

auSS usiigfi pg — -j 

d lmte»HAy>n/N1!^ J 


^SSfc'FF IS 

a tndexta Ftwgww- m— r p lw jj 


58BSS®- 

Sn5taAltaW«*r 

° Dbtio AUmnpntfc*- 


doSSgi^ 


d Court Tenne w* 

SfI 




INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 


The wrflttud ey mbole Mdlei t o he que ncy of quotxton le pp H i ta W 


ADVERTISEMENT 

INTERNATIONAL FUNDS 

ipioletlcmreitaltatald).aM»nM'9»eoWBM- M M UMn6 ] n WtartriB^ (mrerTtwoweekefc «■ 


Dec. 28, 1994 


r *gp iM f| H I)- twtr p— ■btaifO- mn i RW) . 


<t Cuniiar GIM Bd Dppuvi 1 97.4* 

a Cur&Hoc GW Gwth Sub-Fd J 97.71 

DARIER HENTSCH GROUP 
TM 41-22 708*037 

d Hentsch Treasury Fd— SF f*01M 

a QH Mater MarteH Fund SF 981Z47 

d OH Mondorki PonlMlo. SF 89308* 

a Somurnl PontollD SF 29*81 

DISCOUNT BANK GROUP 
w Euroual Eaullv— _— — Ecu 122956 

w it. America EauHr J n**A7 

wPacHic Eauitv- . i item 
- Polypi town - * 11*847 

w Mull mar. Bend SF 136051 

w MutUcurrencv Bon d FF 472343 

w Multicurrency BencL— — DM 99850 

PIT INVESTMENT F9M 

d Cancrnira * DM 1149 

d tmlRetiftnfond+ DM 4384 

DRESPNER 1MTL MCMT SERVICES 
La Touch* House - iF5C - Dublin 1 
DSB Thornton Lot Am Sel Fd 

d ConquKtador Fund —5 041 

DUB IN A SWIECA ASSET MANAGEMENT 
Tat - 1809) 9*5 1*00 Fax : <|0?) 945 1488 
a I— tor woe C re Rol Cora — i 122S4J* 

m Over took Ptrtormonce Fd_5 2007JO 

mPocUlc RIMOpFd 5 97.92 E 

ESC FUND MANAGERS (Mmtl LTD 
IJ Seale Si. SI Heller : 0534-3*91 
EEC TRADED CURRENCY FUND LTD 

d Copilot 1 24.132 

d in— * 1552* 

. INTERNATIONAL INCOME FUND 

I d Lena Term . 1 31590* 

a LeneTrnn-OMK DM 108.9382 

ERMITAOE LUX (353407)38) 
wErmttaee inter Rote Stroi-DM iai2 

iv Ermlfooe Setz Fund 1 *1.n 

I w Ermnouv Aston HadovFd-S 84| 

■v Ermitaae Eu>o Hoope Fd— DM 9-5 

w Ermitooe Crosby Asia Fd—i 1*40 

I w F/mltooe Airier b&> F d S 757 

w Ermuoge Enter Mkh FO— 1 16J7 

EUROPA FUNDS LIMITED 

d Amorknn Eaoity Fund S 26X85 

d Amerfcon Dm Ion Fund—. S IBB 

* Asian Equity Fa S 12X3 

•v European Equity Fd— -S 12328 

EVERE5T CAPITAL 11*9)2921380 

m Everest Caettal Infl LM S 13)51 

FAIRFIELD GREENWICH GROUP 
m Advanced Strategies LM — S 1598733 

m Chorus Internal tonal Ltd — S 99-22 

w FatrtloU inn LM S BUS 

w Folrtleld Sentry LM S 34*88 

ra Sentry Selaci Ltd— —8 5124275 

FIDELITY IMTL INV. SERVICES (LoX) 

d Discovery Fix*! S 1947 

a Far East Fund * 7759 

a FULAmer. Assets S 19*34 

d Frontier Fund — 1 3440 

a Global ind Fund 1 1043 

d GtobotSatccttoRFuM J 20.79 

a New Eurooe Fund — —51 11*2 

a Orient Funa * I24.fi 

a Seeclol Growth Fund , . .5 3X45 

d World Fund S HIM* 

F INMAMA CEMENT SA-LMP0ei (4L91 mn\Tt 

m Detto premium Core. S 123500 

FOKUS BANK A5- 47) 428 555 

w Scretonds Mil Growth Fd_S 050 

FOREIGN A COLONIAL EMERO MKTS LTD 
Tai -. London 071 828 1234 
a Argenilnlon Invest Co WcovJ 273 

a Bratthon invest Cq Starr —5 *337 

tv CokHTkrtan Invesl Co Skov-i 1530 

a Glbl Cm Mkls inv Co stcav 5 94* 

d intson Invest Co Slav > 1246 

a Lotto toner Extra Yietd FdS 9J9M 

d Lonn America ltKorrm Co—i 931 

d Latin American Invest Co-5 1249 

a Mexican Invesl Ca Sicnv — S 4519 

ir Peruvian Invesl Co Slatv— 5 1430 

FUND MARKETING GROUP (BIO) 

PjO. box 288). Hamilton. Bermuda 

rnFMGGtobol (38 Nov) S 15S 

mFMG N. Amer. 138 Nov)- — 5 1529 

atFMG Eurooe (30 Novi S IA29 

mFMG EMG MKT (30NDV>-5 1232 

mFMG Q (30 Nov) S 944 

mFMG Fixed (30 Nov) 5 M27 

FX CONCEPTS (BERMUDA) LTD 
m Concepts Forex Funo— S 958 

DA (A CURRENCY FUNDS 
■vGatoHrasoll S 12248 

iv Goto Hedge III S 1X8* 

C GAIA Fx » 11733 

mGola GuortmJeed Cl I— — 4 850 

mGaia Guoranlecd CL II— S 7199 

GARTMOfiE INDOSUEZ FUNDS BWtl 
Tel: (312)46 54244)8 
Fax : (3S7I 485423 
BOND PORTFOLIOS 

d DEMBond—QlsiZ) DM *43 

a DWertxmd Dis257 SF 3M 

d Dollar Bond 0)5257 5 145 

d European Bd— Ms 1.14 Ecu 138 

d French Fnmc— DH9.40 FF 11IB 

d Gtoboi Band DlsZOi 5 147 

EQUITY PORTFOLIOS 

d ASEAN 5 151 

a A^o Pacific » *A0 

d Continent* Euroco Ecu 146 

a Deueteolna Markets * ,1*7 

a France -FF 1848 

a Germany — .... OM 539 

gjSS g ~Z = 3 r 2*S 

a North America 5 257 

aswttierlond SF 348 

a Unltsd Kingdom C 15« 

RESERVE FUNDS 

a DEM DbSJOS DM 440 

d Dollar. Dls 2.135 5 2JW 

d French Franc— — FF tlt7 

a Y»n Reserve - — Y 289.7 

S^ U ^4W W .l4,. a 738 5 5 38_ 

IvSccetlNI World Fun d S 40^81 

or State 5t.AmertCon » 3M57 

G LOTALA55E T MA NAO EMENT Ui< ' 


wGT Indlon SmMt Cos B SB-5 940 

w GT GIB Fund Sll A » 932 

w GT Gilt Fund 5A B » 932 

a GT Honp Kong Fd A Shores* «LB * 

d GT Hono Kong Fd B ShmsS *LM* 

a GT Honshu PMhftndee A WS IX2» 

d GT Honshu PtHMinder B SU >242 

■* GT iw OTC Stocks Fd A SHI 114* 

wGT JOPOTC Stocks FdB5BS 1157 

■vGT JOPStnoUCo Fd A Stl— 9 1X91 

vGT Jap bmoll Co Fd B Sh — 5 WJM 

WGT Latin America A S 20.13 

wGT Lotln America B——S TftIT 

d GT Norm Amonra Fd A 5h4 3380 

a GT North America Fd B Shi 3389 

a GT strategic BdFd A Sh— J 837 

a GT strangle Bd Fd B Sn 5 BJf 

a GT Teleco mm . Fd A Shores* 1X82 

a GTTsteeomnLFdfl Shores* 1X19 

r GT Toctmclovr Fund ASh-i 6ZJZ 

r GT Trchnolggv Fund B5h-J _ *337 

GY MANAGEMENT PLC 1*471 7M4S07 
a G.T. Bkjtech/Heatfii Fund-S 1998 

d G.T. DeutscMood Fund S 1147 

a G.T. Europe Fund— S <*53 

w G.T. Global Smofl Co Fd — S 2X35 

d r T ta fidrrm Tend 2580 

w GT. Korea FuU S 457 

wg.T. newly Ind CoixUr Fd—S *427 

wG.T. U 5 Small Companies _i 2582 

GUERNSEY CAPITAL MANAGEMENT LTD 

/ GCMinLEa-Fa 8 18490 

t GCM US* Saoektf 5 97940 

GUINNESS FLIGHT FD MNGRS (GMBTlLM 
GUINNESS FLIGHT GLBL STRATEGY FD 

• Mtptoged Currenev — » ?■£ 

d r r u^mi H — < * 3442 

0 Gloeoi Hire income Brmd-S 2091 

a Gilt it flood C >043 

a Euro High Inc. Bond 1 20*1 

a Global Eouilr S 9190 

a American Blue CMP * >788 

a japoBondPodfle 5 12655 

a • 2*81 

a Eixreeon j 11123 

GUINNES5 FLIGHT INTL ACCUM FD 

a Deunchemqrk Mom DM 91415 

a US Dollar Money S 39372 

d US Dollar Mlah Yd Bcna — S 2X16 

d mil Bmoncvd Grtti S__ 3626 

HA5ENBICHLER ASSET MANGT GasrebtL 

w Hasenbichler Com AG S MfJJO 

■vHannDKMerDlv— S M 6 J 0 

■*«T -5 152&O0 

HDF FIMAMCE.TctC33.|)«7844SXFax4D84*a 

•vMondimtesI Europe FF 1236.U 

«r Ma nd invest Cretosance FF 133159 

» Menotavost o*p inttes FF 120*4* 

w Matdlmgsr Emero Growth fF UM49 

w Mondlnvest Futur es . ■— FF 121688 

HEPTAGON FUNO MV (599M12S] 

/ Htptaoon QLB Fund 5 8695 

C Heptagon CMO Fund 5 5689 

HERMES ASSET MANAGEMENT LTD 
Bermuda : (8091195 4001 Lux : <352)401 68 61 
Final Prices 

m Hermes Eurooeon Fund — Fra 22086 

re Hermes North Ame rican FC5 »XB 

m Hermes Emery Mkti Fund-S UL50 

m Hermes Strtaogtes Fund — S 678£ 

niHermn MeumN Fund s il*5 

m Hermes Global Fund » 6C3* 

m Hermes Bond Fund Ecu 1257^ 

m Hermes Sterling Fd 1 >o»87 

« Hermes Goto Fund S 4DL64 

HUTZLER BROKERAGE 

m Pegasus PP.PortioUo 1 118* 

■FOC SJL GROUP, LondeoJax (44-71 HJS 9172 

w I FDC Japan Fund. y 232D9J0 

. w literfiand Fund E« W7?^ 

IV Korea Dyronic Fund S 23t2J9 

wMotacra Dynamic Fund — S t7**3* 

vMarac invesbaeM Fund — FF 981031 

INCOME PARTNERS (ASIA) LIMITED 

iv Asian Fixed Income Fd S 18361 

ft Money Martel Fd S 1UB6 

INTERINVEST (BERMUDA] LTD 

Oa Bank of Btmjda.ToijtetX MX 
I m Hedge hog & Conserve Fd_S 943 

INTERNATIONAL ASSETS FUND 

2. Bd RoyoL L-3<49 Luxembourg 

w Europe S*xt E Ecu 1837 

INVESCO ltrn. LTD, POB 27L Jersey 

Tel: 44 53873114 _ 

d Maximum Income Fund — t t*4® 

a SterhnoNtoQd Ptfl 1 2J»« 

a Pioneer Markets c *4710 

d Gtobcl Band S 

d Otosan Global Strategy — * 16001 

tf Asia Super Grow* S 243100 

d Nippon Warrant Fund S 157W 

tf Asia Tiger Warrant — _ — 5 19W) 

d European warrant Fond— J 24a» 

a Gtd NJN. HM S 108000 

a Global Leisure » X97B0 

PREMIER SELECT FUNDS _ 

d American Growth-. S X75M 

d Amerfcon Enerprloo—J 83380 

d Asia Ttoer Growth J IUJ8# 

a Del lor Reserve— S 5JM0 

a Euraoran Growth * ilWO 

d Euracenn Ertarortse S S5W0 

d Global Emerutod Markets _J xz« 

d Otobal Growth S S84M 

a Nippon Enterprise s 7.1OT 

a Nippon Growth— * 55106 

a UK Growth — 1 S3 380 

a Sterling Reserve. . „„ 

a Greater DllnqOOPl——* 84800 

IRISH LIFE INTL LM, (tax) 3B-W06 1922 
a intermit lonoi Coitus — X 1407 


OFFSHORE FUNDS 

11 ARBI SU3DW 109.1 Pi Nlon 4*42*636107 


w GAM ASEAN—. 5 

w GAM Austral kr 5 

V GAM Boston 1 

tr GAM BrasUta -S 

IT GAM Combtoed DM 

or GAM Cross-Market. S 

wGAMEumneiwi T 

w GAM Franco — — FF 

w GAM Franc- vd SF 

IVGAMOAMCO 5 

wGAMHtahYleiq 5 

W GAM East AllO - S 

w GAM Japan .5 

nr GAM Money Mktm USS— — S 

a do S terttoe . , ■— ». 

a Do Ser b* Franc— — SF 

a Be Oeut scfwmor k DM 

a Do y 

» GAM AUoartod Mtlf-M-— J 
w GAM Emere Mkls Mltf-Fd J 

w GAM Mltl-Eiirape USS 1 

wGAMMItWEuropeDM DM 

wGAMMItFGtabul USS S 

IV GAM AWIF17S-— » 

ivGAMT/patop DM —DM 

wGAM Trading USS. — 5 

w'GAM Overeoon S 

wGAMPocmc— — 5 

w GAM Pen Eurepa SF 

tr GAM Pan European S 

ir GAM Relative Volue S 

w GAM Selection — — S 

IV QAM S6 eto OWIWbH W J 

w GAM SFSpKtbl Band SF 

wGAMTyche * 

N GAM (LS. ... » 

iv GAMut investments 

wGAM Value — — s 

wGAMWMteHwra > 

tv GAM worldwide } 

iv GAM Band USS Qrd s 

wGAM Bond USS SPOdal 1 


wGAM BendSF— 
WGAM Bond Yen — 
wGAM Bond DM— 

wGAM Bond C 

w GAM (Special Bon 
wGAM Universal US 
wGSAMGoaiPotfie. 


d li it ei n oWowoiBalancod J 0-997 

d WHerncttenol Growth » 0-9*4 

ITALFDRTUHE INTL. FUNDS 
w Clou A lAaar. Growth IfaUS 7I783JO 

w Class e l Gtoboi Equity) — S 1U7 

w dan C (Global Bondi —4 1037 

wCtousD (ECU Bond)-— — ecu 1842 

JARDINE PLEMINO ,GFO BOB 1M4B Hi KO 
a JF ASEAN Treat » S5I 

a JF For East M Tr— ■ S 17.2* 

d JF Global Gonv.Tr. -J 72.JO 

d JF Honp Kcno TrujI S SSf - 

d JF Japan 5m. Co Tr— Y <29^M 

d JFJapcxi Trust Y 18094O 

a JFMotoYstoTruii X 2S51 

a jp Podfic liK.Tr, * IJ87 

a JF mofland True! 1 41.1S 

JOHN OOVBTT MAMT (LOJ8J LTD 
Trt: 44434 -6IM26 

iv Gouitt Mao. Futures 1 1U4 

wGovettMan.Fof.USS S 731 

w Govett 5 Gear. Curr i 1U1 

wGovettSGBH BoL Hdge 8 MS314 

JULIUS BARRONOUF 

a BoerOond 5F B6481 

a Crebes- SP I7P7.U 

0 EquBXTAWH rtce — -■ T 
a Equftxw Europe. .- S F 

a SFR- BAER IF 

a stock bar 5F 

a Svtobor SF 

a Uqutoaer -J 

d Eurooe Bona Ptxto— Ecu 

d Denar Bond Rjod — , -t 

d Austro Bond Fund- ■■ -A S 

a Swiss Bond Fund SF 

a DM Bond Fluid—— L— DM 

d Convert Bond Fond SF 

a Gtoboi Bond Fred dm 

I a Eure Start Fred F eu 

a us stock Freo— —5 ra30 

a Pacific Store Fund S 1H90 

a Sates stock Fred SF 13440 

, aspectotsvrtasiore SF >3L» 

I 0 Jape* Stock Fund Y 432046 

, d German Stock Fund DM 10X10 

0 Korean Stock Funfl 5 

d Swtes Franc Cato— 5F T2295D 

a DM Cosh Fred DM 1JN» 

0 ECU CM Fund- . - F eu 13074B 
d Slemno Cosh Fund— Jl !!»■* 

a DoHor Com Fu n d- -I W6X80 

d French Franc Cotai F F 1W4# 

KEY ASSET MANAGEMENT INC 

MMCIW^WooUUfT INC 

m Ki Asio Pacific Fd LM 5 11 Jl 

fSEZESEZ *-- s >1,14, 


w Gtobal Strategic B 3 

wEuropoon Stratoplc A— I 
W European Strategic B — » 
w Trading Sfroteptc A— J 
wTratara Strategic B— — — { 
w Emory Mkt»5jDtep]c a — S 
w Emery Mine strategic B — s 
WAUocntedStraaepIcFdA — s 
W ABocnled Slrweplc Fd B —5 


Sfr^TS^S^fl-ff-ayJfK 


b III Fund Pd. S 

b lid*l Guaranteed Fred —Jt 

asreehoRoaud — J 

LEHMAN BROTH IRS Z7/UH4 
a Aston Dragon Pert NV A— 8 
d Aslan Dragon Port NV B— 5 
0 Gtobal Adrisore It NV A — 8 
0 Gtoboi Advisor* It NVB — t 
0 Global Advisors Part NV AJ8 
0 Gtotiol Advtoors Pori MV B J 
a Lehman Oir Adv. A/B - — 8 
d Natural Re so ur ce s NV A— _5 
a H ot u rol Resources NV B-— s 
a Premier Rdure* Adv A/BJ 
UPPO INVESTMENTS _ 


a GAM (C7f) AUwfiai SF 1562* 

d^lCMiPaeffte_-_»= 27641 

SEC REGISTERED FU NDS 

IK Eat S7ih StreeLHY 18Qa2JU«B-4B» _ 

WGAM Europe. -J £32 

WGAM Gtoboi- —* !£-» 

w GAM Internot ton of * 17141 

WGAM Jooon Coptlu I 5 

wGAM North Anwica S 

wGAM PodfUBesln — ———8 11B5J 

IRISH REGISTERED UCm 

85*6 Lower MaucO ShDutaita IKH-676068 

WGAM Asia Ire —DM 9245 

wGAM Eurepa Acc_ DM law 

wGAM Orient Act DM 

W GAM Tokyo ACC DM 1«34 

wGAMTUtOf Bond DM ACC — DM ]«89 

W GAM Urtverool DM Acc__DM 17143 

IDF INVT AND DEVT FINANCING LTD 
0 iDFGtohru * 9233 

GLOBAL CAPITAL MANAGEMBHT LTD 
Bermuda: WW 2954BM Fax: (NW I 295-81® 
JWH GLOBAL STRATEGIES LTD 
w/AJOriotooMrvereneni — * ,»•“ 

w (3 Flnreetai x Metal* — * Jf}2 


w Java Fund — - 

w IDR Money Merkel Fd- 
w USO Meaty Martel Fd. 
w Indonesian Growth Fd_ 

wAskxi Growin Pued 

w Aston Btorrant Fred— 


Kidi Global Dfverdfled * 

w (FI G7 Currency * 

w (HI Yen Ftnooetoi 5i 

W(JI Diversified Risk Adi — S 
wiK) mil Currency & Bond— S 
w U Gtoboi FlooneW— 5 
W JWH WORLDWIDE FUND 5 1 


a 

MONAX'S^ usd s 17.18 

a Court let" * HI M J O 3944 

a Court lermrPJ j*- y 7371*1 

a Court Ter m e JPY. t 11*8 

a Court Ter m * GBP — p p 14146 

0 COiNf T«me P ta 364496 

a Aaions Jray g!! 8 - T t ism 

WArtWAigiqHg- - ^ gjj 

d AtWOM *“ " "**!* » J F 13252 

a Actions Frreartx w— 34093 

a AeUuns E»*jy Tn 3190*31 

a AcItoM^^STSSSuBlJ 5498 

a Actions Bfgy F F 11*31 


a oSto ass 

a OMto NonfAmericnmes— « ZJ3S91 




GLOBAL FUTURES A OPTIONS SICAV 
m FFM ltd Bd Progr-OiP O -SF 97.19 

GOLDMAN SACHS 

w GS Adi Rase Mori Fd II — 8 987 

m GJ Gtoboi Currency. S W9* 

d GS world Bond Fund S 1U7 

a GSWortd income Fund X 98* 

GS EQUITY FUNDS SICAV _ M1- 

a gs Eure Small Cup Ptat— DM H48 

a GS Gtoboi Equity X 11-12 

a GS US Cop Growth purl — X « 

a GS US SonH Cow Port X U5 

a G3 AN O Periloflo 8 «4« 

GOTTEN FUND MANAGEMENT 

wG. Swop Fund — Ecu 1M482 

GRANITE CAPTTAL INTL CROUP 

wOrrefle Capital Eauitv X 04499 

w GronDe Gtobal Deiit.LM— * 

OT ASSET MANAGE METtT (IRELAND) LTD 
Tel 1(44)71 -71 8 45 47 

a GT Anon FdA Shores S 

a GT MM Fd B Shore* 8 

a GT Asia FtmfASWTO*— » 

d GT Ada Fred B Share* S 

a GT Alton siren Come A SM 
0 GT Asfcw SmoU Comp BSkl 
a OT Australia « A Shoras-S 
a GT Ausfrofto Fd B Shares-S 
d GT AMtr.SnuACo ASb — 4 
a GTAutar.SmaRCaBSh— 8 
dOT Ban Japan FdA SB — S 
d GT Berry Japan Fd B Sh — 3 
d GTBtaBApSdfhOtSASlLS 
d GT Bio 6 An Sciences B SIU5 
a GT Bond FdA sum— — 8 

a GT Bend Pd B Shores S 

0 GTEnWBtagMMsASii— 5 
0 GT Emnlna MBsBSb_j 
0 GT Em MkISaiail Cs ASh-S 
0GT Em M« Small COB ShLS 
wGTEureSmoEOeFdASlLS 
w GT Eure Small Co Fd B Sfc* 
wGrindtreSataBCMASl-S 


WS**™ 


f/ft SSSaSKl andofcirfpfteB^MMi 



DufchFtato; 



mMAP Gto 2801 64* 

MARITIME M ANAG E M E NT LTD 

73 From 5* H ami lton Bermuda 1*0912929789 
t Martnrw Ma-Soaor t Ltd .j «J4e 

w Morttimv Gu Beta Serws^t W-M 

» Maritime Gttx Dena series b 77958 

MATTHEWS ntTERMATIOMALMGT _ 
EMERGING ASIAN STRATEGIES FUND 

mCtoesA S M93S 

0 Class B. 4 18*56 

PACIFIC COHV STRATEGIES FD LTD 

A OOSS A 8 JJ83 

0 Class B S 9211 

MAVERICK (Cayfnaa)4>m 9*90943 

■aMovertck Fund S 15U327V 

MCKINLEY CAPITAL PARTNERS. LTD 

m The CorsoW Fund LM S »80 

aiTbs Dauntless Fd LM s 12249 

MEESPIERSOH 

Bakie as. I0t2kfk Amsterda m OFSZlimi 


w Asia Pac Growth Fd H.V — S 


1 S e km onFORV- _ 

w OP Amer. Growth FON.V._s 365* 

w EM5 omrm Fd N.V. FI WI.9S 

w Europe Growth Fund H.V. ^1 59J} 

w Japan Diversified Fuad — JX 4533 

w Leveraged Cap Held S SOM 

MERRILL LYNCH 

d Donor Assets Porttoho — -A IBB 

d Prim* Rote Portteba— s 999 

MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

0 Don* —5 BJB 

a CtaSdB — 1 *05 

MERRILL LYNCH 
S LOBAL CURRENCY BOND SERIES 
AUSTRALIAN DOLLAR PORTFOLIO 

d Category A AS IW 

d Cot e eery B —AS 1748 

CANADIAN DOLLAR PORTFOLIO 

d Category A— a 144* 

d Category B— CS 1345 

CORPORATE HIGH INCOME PTFL 

d Class A- 1 S 833 

dCtossA-3 S 931 

dCtassB-l S 833 

a cus a -2 s 947 

DEUTSCHE MARK PORTFOLIO 

d Caegory A —DM 1118 

a Category b DM 1279 

EUROPEAN BOND PORTFOLIO (DM) 

d Class A-1-— S 134* 

d Class A-2 S 154t 

0 Class B-l S 1086 

a Ctoss B-2 S 1536 

EUROPEAN BOND PORTFOLIO (USS) 

d Class A-1 —DM Eta 

a CMSS A-2 DM 9 93 

0 CtoSS B-l — S &X2 

0 Ctoss E3-2 ______ S 9J8 

POUND STERLING PORTFOLIO 

a Category A_ e 1636 

d Category B — t 1590 

U3 DOLLAR PORTFOLIO 

d Category A S IMl 

a C at egory B S Udi 

YEN PORTFOLIO 

0 Category K Y J»l 

d Category B — Y 72*3 

MULTI CURRENCY BOND PTFL 

d CtossA S 21.96 

actassB s 2144 

US FEDE RAL SE CURITI ES PTFL 

d Class A S 9J)I 

d Class B S 949 

MERRILL LYNCH 

EQUITY / CONVERTIBLE SERIES 

BASIC VALUE PORTFOLIO 

0 dess A S 1482 

a Cross B S KM 

CONVERTIBLE SECURITIES PTFL 

d CtossA S 083 

d Class B S U1S 

GLOBAL ALLOCATION PTFL HISS) 

d CtossA S MM 

a Class B S »95 

GLOBAL EQUITY PORTFOLIO 
a « 9.9* 

0 Clots B S *JS 

GLOBAL SMALL CAP PORTFOUO 

0 CtossA S 981 

a Ctoss B S 98B 

EURO EQUITY PORTFOLIO 

a CtossA . X 7443 

a C lass B S 1347 

LATIN AMERICA PORTFOLIO 

d CtossA S 1431 

dOossB S 1198 

PACIFIC EQUITY PORTFOUO 

0 CtossA X 941 

actassB. - « *J» 

WORLD NATURAL RESOURCES PTFL 
wn—A -- « 1U3 

0 Class B 1 1091 

DRAGON PORTFOLIO 

a CtossA. 5 1531 

a Doss B S 1502 

MERRILL LYNCH BANK (SUISSE) 5A 
SWISS FUNDS 

0 MLBS Boknctd A USD 1 M«42 

0MLBS Balanced BOtF — S 254)89 

0 MLBS Fixed IK A USO — S 14SL27 

0 MLBS Fired MC B ECU. 8 150056 

LUXEMBOURG PORTFOLIO 

d US Dattor Fixed Inc — 1 1040 

0 DM Fixed Inc DM 1513 

d ECU Fixed inc Ecu M49 


0 US Dollar Bofanad. 
d ECUBOtaKid 


S 1840 

DM 1513 

ECO 1049 

s us 

Edi 9.94 

5 936 


MERrSlLLWkITeMEIMINO MARKETS 

a CtossA S ]6-S7 

a Ctoss B 8 Mil 

MERRILL LYNCH INC 8 PORTFOUO 

d CtossA S 746 

d Cto« B S 783 

0 rw r _ 1 748 

MERRILL LYNCH MEXICAN INC PORT 

a Mexican lee S Ptfl a A S 9 33 

0 Mexican Inc SPttl OB s 933 

0MwdconincPesaPtRCiA4 544 

a Mrrictxi Inc Peeo Ptfl a B5 544 

AULLEWNMI ASSET MANAGEMENT 


MOJ^WTUM^ tStTNUNAOEPAENT 
m/UtatiMBtata Rednbow Fd— J 1M4I 

rv M omentum Rx R R II , - i 7283 

m Momentum Storemaster— A IS6.I2 

MORVAL VOftWIULBR ASSET MST C» 


wWBkr Jqpcw Y 

w Wilier South Eoxl Asia S 

wWHlar Telecom — 4 

wwIBertartos-Wlilerbcad CreS 
wWBIertundkWUlarbond EurEcu 
w wtBerf M HNmereq Eur— Eat 
w WtUe r tands- W Hkroq Italy -Lit 
wWIHerfundeWIINrodNA— 4 
6K7LTIMAACAGBR N.V. 

HI Wend Bred Fred ...E c u 

m European Erehte —— JEcu 
m Jreonese EmtHtai . Y 

/nEmertXno Morkats * 

m Arbitrage. ■ S 


mWertd Bend Fred -.-E c u OA 

m European Eeximts — J F cu KS 

mJreanese Eouffle* Y 790 

mEntortfnc Mcrtxti * 2219 

ro Arbitrage. 5 ,948 

NIOMLAS-APP LEGATE CAPITAL MOT 
0 NAStaataglcQppertunineiA l»L52 

w NA-PtakRte Growth Fd — X l».1l 

wHA Hedge Fund — -J WJ7 

NOMUMA INTL (HONG KD660) LTD 

d Nomura Jakarta Fund 1 1040 

OOEY ASSET MANAGEMENT LTD 
21 Gteeveoar 31 Juki WiXfFE48-71'699 2W8 

a Oder European OM WJ6 

w Oder European 5 U143 

wOrky Euroo Growth inc DM 13034 

wOdtVEunp Growth Acc—DM 13084 

w Oder Eure Grth Star me — 1 5M6 


wOdey Euro Grib Star Acc. 

OLYMPIA CAPITAL INTL. INC _ 

:S»^e-5F=lF a 

wOtytnPta Skrs EmoreMktis 93482 

w Which. Eastern DroBon—S 1615 

w Winch. Frontier S 29146 

w Winch. FuL Otymsto Star S 16281 

wtMrKlL Gt 5rc Inc PI IAI — 8 849 

w Winch. G1 See Inc PI (O — S 83* 

pi Wlnoi. Gtoboi Hrattbajre_Ecu 1*045 

trWlnch. Hide mn Mcxftm-Eeu UZ7J2 

wWInOLHtdglnnserD Ecu 179199 

wWtoctkMdototllerF Era 17»38 

wWlach. Hide a>v Star Hedges N032 

w Winch. Resar.MuttLGvBdJS MJ0 

w Winchester Tbaftand S 9049 

OPPINHElMXn 6CD. WC RH 
c Arbitrage Internationa! — S KB42 

b Emery Mkls Inri 1 1 J M576 

b loti Horiron Fred II 5 10647 

b OepreCotaM Inti Ltd S MBM 

OPTIGBT LUXEMBOURG 

4 Optiemt 0&) FtFFlxM /nc_DM )«3»5 

b Oeftpcs) GSri Fd-Gen Sub F DM 180418 

OPTIMA FUND MANAGEMENT 

71 From St HanrtRantaenmKta 809 29S46S8 _ 
tv Optkoa Emerald FdUd — S 1048 

wOpHma Fred— —5 1731 

wOPthna Futures Fund S 17.15 

w Optima GtoM And 5 1258 

w Optima Perirala Fd Ltd — S 9Jt 

wOpUroo a»ri Pond 8 745 

w The Platinum Fd Ltd 1 M53 

OR1ITEX GROUP OF FUNDS 
0 QrhHex Asfci Pac Fd__— S UOI 

0 Orbttex Cam llnto Tech Fd* tl»8 

a Orttoey Gtoi Discovery Fd 4 * 5439 

a Drbttw Growth Fd I 57320 

d OrtJH* HeOtttl 6 Envtr Fd -S 54770 

a orenexJttaon Smell Cop F<a 42»3 

0 Ortdtiw Natural Res Fd CS 1245*3 

FACTUAL 

0 Eternity Fend Ltd S 3318110 

0 Infinity Fund LM S 5388508 

d NeveptarFund s 1152532 

d Star HWiYIMdRfLW % 161*501 

PAS IBASrGROUP 


LLOYD GEORGE MNBMT (B2) Ml 44B 
w Antanno Fund— — 4 1749 

trLG Asian SrnoBsr Cos FtL— S UABB 

w LG India Fund LM S IXffl 

w LG Japan Fd 8 iota 

w LG Korea Fd Pic— — s __ „ 10J97 
LLOYDS BANK INTL JJMUMAfl LM 

wUeyd* Americas PerttMtaj 942 

LOMBARD. OfHERA C1E-BROUP 
OBL1FLEX LTD (CI) . 
a Mu i ttaarency ■ . — 1 M4J 

a Dot tar Medium Term— 5 2M8 

a Dattor Lena Teo»—s w-ta 

dJoponeseYen . — .V SKUa 

d Pound Starting ■- t I7.U 

a Dsutscj* Mark DM I7ta 

d hyEpto C urrenci es . — . Ea t 15*2 

d USOgner 3yxtTwm— — s Uffl 

a hy Euro Curr DMd Pey — Eat JGo 

a Swiss Wtotito i rroncy SF Uta 

a European Currency Era 2Ue 

a Betetan Franc — BP «B.n 

tf CcmWrttbt* S JJA 

tf French Franc. FF ia*t 

a Swtss Muttt-Dtvtdend 5F 944 

d Svriss Franc Short-Term — SF WX79 

a eenotaon DoHcr — .C S U70 

0 Dutch Ftorte Mum— FI 1488 

a Swiss Franc Dtvid Pay SF JMi 

a cap Mtmicur.aiv, _ r s 1J44 

d MedltarrarwonQirr. SF K3J 

d Comwrtibtes — 5F *-* 

0 Deutschmark Short Term— DM 10.12 

MAGNUM FUNDS IsH Of Mae 
Tel 4*421 681 330 F« 46424 Ml 334 

wMeanam Fred s 

wMapnumMcBl-Fu nd_-— — S R48 

w Moonen Enwrp Growth FBI 80* 

wMApnum Aanre3.QrwtP FdS ^HR 

MALABAR CAP A6GMT (Bermete) LTD 

ntAtalabar InH nisi 1 1743 

MAN INTERNATIONAL FUTURES 
qiMlBt Limned 'prdfoarr— s fita 

mMInt Limited - Income— —4 Uta 

m Mint Gtd LM - Spec Issue — S 2532 

m Mint Gtd LM- Nov WB— s 25« 

1 mMInt GW LM • Dec 1994 S 1781 

Start ijffBMP)^! I60M 

m tall ^Curorecte* 280i — S 5P 

I mAffwnaGW F utures S llta 

I mAMtono Gtd Ctoiendre— _8 W 

m Athena GW Ftomctojs CepA 1J.18 

m Athena Gtd FMndals lae_S 9J6 

mAHL Ctmllai Mkta FtL. S Ilta 

ntAHL Commofity Fund J ixdl 

eAHLOTOBM— — J 777 

fllAHL Retd Tlme Trad.Fd. — S Eta 

m AHL Gtd Real Time Tnt_S M 

mAHL GW Caw Mart Lta— -j $£) 

wAHLG td Cemmn gijes Lid-1 122 

ntMapGuanpitae dJ996 L td— A W 

iHMtta Leveraged R ecw . LWA 18JB 

» MAP Oudnwtaed 2000 S 173 


a PoraeetiiSAB s 

a Parveet Jooon B_— Y 

0 Porvesl AMa PocU B s 

a Porvest Europe B Ec 

0 Porvest Hodond B R 

a P a nwsf France B -_.F f 

a Parveet Germany B— -DO 
0 Porvesl ODWtattarB — — s 

a Pnrvest Qbti-OM B DA 

a Parveet ObO-Yea B Y 

0 Porvest ObD-GtddenB FI 

0 Porvest ObU-Ftrec B FF 

a Pervert ObU-S tar B c 

0 Porvest Obil-Ecu B Ee 

a Pnrvest ObB-Betax B LF 

a Porvest 5-T Dollar B S 

0 Porvest S-T Europe B Ec 

0 Pervert S-T DEM B Dt 

0 Pervert S-T FRF B FF 

0 Parvqrt S-T Bef Plus B BF 

0 Pervert Gtobta B LI 

0 Parvqrt Ini Bend B S 

0 Pervert OMHJraB Lb 

0 Porvest WEaufflesB S 

0 Porvest UK B f 

a Parvqrt USD Plus B S 

0 Parvqrt S-T CHFB. SF 

0 Parvesf OMKreadaB a 

a Pervert Gpy-OKXB Df 

FORMAL GROUP 

f EmerataoMktaHldpx— A 

f Btrettir (Ecu) Lid E( 

/■ FX. Ftaenctals 6 Futures _S 

F Growth N.V % 

f iHw ssti nw il HMps H.V S 

1 Madia BCenemeilrnttam T 


PICTET SUE. GROUP 

a Amereetc — - — — S 
wP.CFUKVallLux)— s 

wPJLF GcrraasM (Luc) DM 

wPJLF Noramvol (Lux) S 

w PjCFVeXher (UeU Ptas 

wP£.P VOUtaBa (Lux) Lit 

wPXLPv oH ranat (urn l_ FF 

w PJLF. Vetaond SFR lUcO JSP 


wPJJF.VOtaend USD (LUX 1 4 
w PJJ JS. VBlbend Era (lux) -Ecu 


wPJJJF.VoRiandFRF (Lub-FF 
w PALP, votaend GBP tUnOJ 
w PJJ.F. Votaond DEM (Lux) DM 
W RUJt. US S Bd Ptfl (Lw)_s 

wP.UF.Medtt Fd Ecu 

w P.U j:. Pldlte SF 

WPJI.P. Rentavol SF 

w P.TS. EmCTO Mkts ( Lux) _S 


wPT.F Ear. Oppcri tLux]— Ecu 136.94 

D P.T.F. G lotto value (Lux) -Eat KU1 

w P.T.F. Eurowall Lux) Era 71942 

fnPtaWt 4 Pater SF 

d Pictet Vatautsse ICH) SF <3630 

m lad Small Cop (tOM) 9 4*4*1 

PREMIER INVESTMENT FUNDS LTD 
C/0 PA Box tin Grand Cayman 
FOC 1809} W9-0993 

mPmmier US Equity Fund— A I]1U6 

m Pre mi er inn Eq Fred. .A 123942 

at Premier Scwervlen Bd F=d— S 722*7 

m Premier GtobdBd Fd % Mn*i 

m Premier Total Return Fd_x *1149 

PRIVATE ASSET MOT QAM FUND INC 
GuarostytTH: leOUWl) 733C2 Fex:72MI 
w Private Asset Mat GAM FdS 99JS 

PUTNAM 

a EmarghM Hbh Sc Trust — s S57S 

m Pdtoon Em. Mb. Sc. Trust a 42)5 

d PutmmGtabiHtatiGraMtBA 1*34 

a PumemKtad inc. GNMA Fd* 7J9 

d PMnern tail Fund — — J 149* 

QUANTUM GROUP OP FUNDS 
m Astoo Devetapmeid— — — S >0249 

wEnwraag Growth Fd N.V — S lB-n 

wQaantum FundlLV S 1743921 

w Quantum uvMtrial— S 10S29 

wQurehnn Really Trurt s 0889 

wQemdam UK Ita a itv Fund J tw.fl 

wQaasar ton Fund XV S 156.R 

w Quota Fund N.V s 

REGENT FUND MANAGEMENT LTD 

» New Korea Growth Fd s 1148 

w Nava Lot Pacific Inv Co — S 48720 

wPbcMc Arbitrage Ce S >U2 

mlU. Country WrotFd X 2MJ3 

0 Regent GO* Am Grib Fd — S 59750 

a R e gent GBP Euro Grth Fd-S 19125 

a Regent GIM intt Grib fd — s Wbts 

a Repent GW Joe Grth Fd_S 23099 

a B e aentGlht Parti Bento s 4.1*97 

a Regent Gtbi Reserve s 21kg 

a Regent cat Resources 8 25770 

a Repeat Gtot Tiger. — — » 29W* 

d Regent NM UK Grth Fd — S V7M9 

w Regret McotnM Fd Ltd S 9.B 

m Repeat pocmcHog fq s 128877* 


d SBCGfcFPlil Ecu me A Ecu 

a SBC GW-Pffl Ecu inc B — Era 
a sbc Gm-ptfi usd inc a — s 
a SBCGM-PtflUSDIncB— S 
d SBC Gfijl Ptfl-BM Growth -DM 

a SBC GUM PMHJMYW8 DM 

a SBC Glbl PtlFOM lac B DM 

a SBC G M-PTtl OM Bol A/B—DM 
0 SBC GtaMtl Ecu Bd A/B. Ecu 
tf SBC GtaLPHI SFR 80l A/BJF 
d SBC GW- Ptfl U5X Bd A/B -5 

a SBC Emerging Morkeo S 

a 5BCSOKd>&Mi0CamSw_SF 

0 SBC Not. Resdurca USS s 

a SBC Dyn Floor CHF 99 SF 

a SBC Dm Fleer USD 95 S 

a AmertcoVofcjr — S 

a AngioVctor 1 


a Convert Bond Selection SF 

a D-Mark Bend Selection DM 

a Bauer Band Se iv Ctan S 

a Ecu Bend Seieetten. Era 

a Florin Bend Setocflen FI 

a FrmceVator FF 

0 G qrmnn ta uoter DM 

a G MdP ertta lle S 

a ihertaValor Pie 

0 HBfvptar. Ut 

a JapanPerHeUe Y 

a Stcrone Bead Sewcrten 1 

a jw. F andgc Bead se ta rttan A F 

d Universal Bond Srtochan SF 

a Universal Fred— SF 

tf Yen Band Seiedtan Y 


w Regent Sri Lomus Fd S 

a undervai Ass Taiwan Ser 3 A 
w UnOervatoed Assets Ser l-A 

d imdervokied Prop 60 3. S 

0 White Tiger inv Co LkL. — S 
REPUBLIC FUNDS 

w Republic Ftti Israel i 

w Reo Gieb Currency — — S 

w Res Gtob Fixed inc s 


w Republic GAM America % 10938 

w Rep Gam Em Mkls Glebel-S 1*530 

w Rea GAM Em Mkts Lot AmS 12487 

W ReocttMlC GAM Europe CHFSF mil 
w Republic GAM Europe USSA 9*32 

ur Republic GAM Grwth CHF-SF 10Q.B 
w Republic GAM Growth USSA I4BA9 

wRemMdk: GAM Growth c — 1 9407 

wReatMiU: GAM Opportunity > 713.1* 

w RePwhBc Gam Pacific S 136.14 

w Republic Gusev Dot inc — S 1632 

w Republic Graev Eur Inc DM 1UQ 

wRePwOllCLd Ana Altoc S 9BJB 

w Republic Led Am AnwaL S 9144 

W RepubDc Lot Am Bradl S 16640 

w Republic Lot Am Mexico—* 97.15 

w Republic Lot Am Venez. — S (1A5 

wRcpSotamon Strategies— A 6X89 

ROBE CO GROUP 

POB 9713000 AZ RotterttoBuOl )10 2241228 

0 RG America Fund FI 12958 

0 RG Europe Fund .Ft 1363* 

0 RG Pacific Fund FI 13740 

d RC Dhtirtmo Food FI 51J0 

0 RG Money Plus F FL FI 117.18 


ROTHSCHILD (GROUP EDMOND DE) 
IN-HQ USE FUNDS 
w Aslan capital Hokflngs FdJ 
w Datwa LCF RothscftHd Bd-A 
wDalwb LCF Rotasrti Ea — JX 
w Ferae cash Tradition chf JF 
w Force Cash T nx&ttan USS— S 
w Force Cosh Tradition BEF-BF 

wLetram s 

w Leveraged Cop Hotafngs — 5 

w Obi 1- Volar SF 

wPri Challenge Swtss Fd SF 

b Prieamry HFEunoo Ecu 

b Prieoutty Fd-Hetvetlo SF 

b Priettoitv Fd-Lodn Am S 

b Prtaead Fred Ece Era 

b Prttcnd Fred USO S 

b PribereJFdHY Enter Mkts A 

wSeieatv* invest SA S 

b Source S 

wUS Bend Plus — S 

wltartoPtos Era 

ROTHSCHILD (GROUP EDMOND 
OTHER FUNDS 

d Asia/ Japan Emera. Growths 143B 7 2 0 

w Esprii Eur Porta inv Tst — Ea 13W5* 

w Europ StratcP InwstmM— Era 18X468 

0 Integral Futuna — A 9074 

0 Pacific Niro Fond S Eli 

t Sefccttoa Hartzon -FF I226AS6 

b VtckMreArlone — — X SM041 

ROTHSCHILD ASSET MBMT (CJ) LTD 
m Nemrod Lev eiiei m Htd — S 8045 

SAFDIE BROUP/KHY ADVISORS LTD _ 
/7) Key Diversified 1 nc FdLtdJ I1AW 2 

b Tower Fund Gtoboi Bond— A HH2256 

b Tower Fund Global EaullY-S 99SS.15 
SANTANDER NEW WORLD INV. 


TEMPLETON GLOBAL STRATEGY SICAV 

d Gtobal Growth a A S 1347 

d Global Growth a B S 989 

0 DM Global Growth OM 1389 

0 Smaller Companies a A S 1213 

0 Smntlar Companies a B S 930 

0 Introstr. X Communication.* 931 

0 P on- Amer icon Cl A S 1*33 

0 Pan- Amerfcon CJ 8 S 9.47 

0 European SF HUM 

0 For East S 1259 

0 Chine Gateway X B.W 

a Emerging Mortons CJ a — S 1*82 

a Emerging Mar ke t s O B S 9 Jl 

a Gtobal Utilities— S 973 

a GkMMd Convert to* S 947 

0 Global Batanced I 10J5 

a Gtoboi Income Cl A X 1139 

a Gtoboi Income a b s »56 

a DM Gtobal Bond DM 1X73 

a Yen Gtoboi Bend Y 99X41 

a Enters Mkts Fix me a A-A 11.11 

a Emets Mkts Fix inc OB _S 949 

a US G o ve rnment 5 9.18 

a Haven SF tftfd 

d USS Liquid Reserve S 10.10 

a DEM Ltautd Reserve, —DM 10JB 

TEMPLETON W.W1DE INVESTMENTS 
GROWTH PORTFOLIO 

a Oars A-1 S 1272 

0 Ctoss A-2 8 1747 

d Class Ato X 1453 

0 Ooss B-l S 12 U 

aCkosB-2 X 1*49 

INCOME PORTFOLIO 

a CtossA S 958 

a Class B S *39 

THORNTON INVESTMENT MGMT LTD 
33 Queen SLLendwi EC4R IAX 871 246 3080 

0 Podf Iwl Fd 5A e_ r 1172 

a Pscfl Invt Fd SA DM DM 1343 

a Eastern Crusader Fend— A law 

d Thor. Litll Dragons Fd LM-S 3833 

a Tbonflon Orient Inc Fd Ltd S 365* 

0 Tnondon Tloer Fd Ltd s 52JH 

a Managed Selection S 21 J4 

w Jakarta s 1337 

w Korea S 1X74 

d Asean Growth S 17X1 

a Aston Creoueror Warrants^ 410 

NEW TIGER SEL FUND 

0 Honp Kang S 43 JO 

a Jam * ’6J9 

e Korea S BJ3 

e Philippines * 7S3I 

0 ThaUand S 2U5 

0 Molovsla — S 2292 

a Indonesia S 730 

dus m^itv 5 1« 

a Sri Lanka S 138 

THORNTON TAIWAN FUND 

iv Equity Income —5 1637 

w Equltv Growth. S 1651 

UEBERSEEBANK Zurich 

0 B- Fuad SF 128X64 

d E • Fred SF 887.16 

a J - Fund SF 35X85 

0 M-Fund SF 119636 

0 UBZ Euro-Income Fund 5F 1040 

0 UBZ World Income Fund —Era 5357 

a UBZ Gold Fund S 11475 

0 UBZ Nippon Convert SF 114932 

0 Asia Growth Convert SFR _SF 111079 

0 Asia Growth Convert USX— S 107836 

d UBZ DM -Bend Fund DM 101.11 

a UBZ D - Fund —DM 16233 

a UBZ Swiss Equity Fund 5F 111-73 

a UBZ American Ea Fund— S 8734 

a UBZ S- Bred Fund S 9143 

a UBZ Southeast Asia fd X 9083 

mUBZCHversfflrtStrigtasA -» 10IL77 

mUBZDtversfflodSfrVfesB-A 161)74 

UNION BANCAIRE ASSET MOT (UBAM) 
INTERNATIONAL. NASSAU 

wArteflnvart S 

* 

wBocnfln S 

wBacktavest S 

tr«radiT«Ert 1 


t Commander Fred . 
1 Explorer Fund 


woinvart 

w Dlnvart Asto 9 


SC FUNDAMENTAL VA LUE B VI LTD 

TalStal 322000 Fax 599 9 32201 

f-N»u * 132951 

SKAND1NAVISKA ENSKILDA BANKEN 
S- E-BAN KEN FUND 

a Eurepa me J 295 

a Finrronostemtoc s on 

a Gtobal inc X 057 

a Lakanwdel me s Ota 

0 Vartosn UK 3 I8J 

0 Janon Inc — ■ — Y 1280 

0 MB la inc S , 084 

0 Sverige me — Sek W30 

d Nardomerfta Inc S 6H 

a Teknotool Inc LM 

a Sverige RonSetood Inc Sek M6 

SKANDIFOND5 . 

0 EartlrlnrlAcc S I6£ 

a Equity inn inc s Uta 

0 EtnAty Global S LM 

0 Equity Nat Resourcm J LH 

a Eoulty Jopon. — ■ Y 9179 

a Equity HoroSc S 154 

0 Equity UJ< — ■ — £ 158 

0 Equity Conflnentoi Europe J 154 

0 Etaitty Metnrerrcman S MO 

0 Eautty North America X 281 

d Equity Far East X XH 

d mn Emerging Market* — S 18* 

d BondintlAcc— _— S 1251 

d Bond lidl Inc— — J 745 

a Buna Europe acc x 153 

d Bom Europe Inc X IJt 

a Bred Sweden Acc Sek 1457 

0 Band Sweden Inc 5ek iota 

0 Bend DEM Acc DM 136 

d BOM DEM UlC „ —DM 0M 

d Bond Dottor US Are 5 14? 

0 Bond Dol tar 11 S loc S 18* 

d Carr. US Datar — * Ita 

0 curr.Svmcash ktooot, so* ix«7 

a Sweden Flexible Bd At* — Sek IftU 

0 Swed e n Ptadbta Bd Inc — 5ek 10.14 

SOOETE OEHERALE GROUP 

d Ash Fred Y 5238450 

0 BTW Cat A S llta 

0 BTW Cat B X «31 

wSGFAM Strot Fd Dlv FF 55774 

wSGFAMStrnlFdFln— S 9357 

SOGELUX FUND ISF) _ 

iv SF Bonds A U5A— S 1X0 

wSF Bonds BGermwy DM 3152 

wSF Bands CFtro FF 13X97 

WSF Bonds EGB 1 llta 

wSF Booed F Japan Y 3373 

wSF Bonds GEureo* Era 1751 

nr SF Bands H World Wide — » 

wSF Bonds 1 Italy Ut 2996XW 

wSF Baade J Beigkn BF 81600 

w SFEq.K North America — J 1686 

w5FEq.LW£urope_ Era 1563 

w SF Ea. M Pacific Basin Y 1470 

ivSFEq.PGrowtaQxBtfri«3 VM 

wSF En. O Gold Mines- X 2732 

wSF Ea R Worldwide S 1S30 

wSFShori TermS France — FF T74.TO4 

irSF Short Term T Bar. -Era 1*11 

son me ASSET MANAGEMENT INC. 

W SAM Bradl J 29538 

w SAM Diversified 1 131f9 

w SAM/ MCGarr Hedge 8 11*81 

W SAM OpportrettY S 13133 

W SAM Oracle , % 11253 

wSAMStrvegy * nxo4 

10 Ataha SAM X 11953 

w GSAM CompesHe 1 33284 

SR OLOiAL BOND PUND INC 

ittOats A DBtrttulor S W199 

mCKrnAAcramutotor 5 WL86 

5R GLOBAL FUND LTD 

mSR European S 6442 

mSR Aston s 10695 

m5R intarnattonc* — * _ . 9789 


nr Dlnvael Geld A Matals X 

nrDkivast Inrita 

wDtnvert tntIFU Inc Strut _» 
or Jogtavert . » 

wbtarttnvtsi S 

■ A 

wMaurbivast Coming tod —3 

wMourinvert Eai _E 

wPutaar ... X 

w Pulsar Overly . -8 

wQuantlnvesI — S 

irO uenH it rort ia. —I 

nrstelnlnvcsf 8 

tvTndnvesI ___—S 

wUrakMasf—— 9 




1«t Bd de la Petrueek. L433B Laxemi 

b SHB BOTd Fond S 

wSveaska 5*L Fd Amer Sh. — S 
w SveraXo SeL Fd Germany _S 
tvSvenskaSM. Fd Infl BdSh-S 

w svensfca seL Fd inn Sh s 

nr SvwtSka SeL Pd Japon__Y 
nr Svemko SaL Fd MHHWkt —Sek 

leSvenskoSeLFd NenBc 5EK 

nr Svwtska S«L Fd Padt Sh _s 
w Svensko SeL Fd Seed Bds—Sek 


SWISS BANK CORP. 

a SBC KB index Fund SF 

0 SBC EaaBv Ptfi-Aurtralta— AS 
d SBC Eaulfv Ptft-Canodn—CS 

a SBC Equity PtB-Europe Era 

0 SBC Bo Pfll Netaertands— .FI 
0 SBC Gcwt Bd B S_ . S 
0 SBC Bond PtfiAusn- s A— AS 

0 S&c BondPIfl-AurtrSB as 

a SBCBredPtfl^DhAA CS 

a saCBandPtBCanSB cs 

d SBC Bond Pt«-OMA DM 

0 SBC Bond Ptfl-DM B DM 

tf SBC Band PffHtafcn GLA-FI 
0 SBC Bred Ptfl-Dutcb G. B-FI 

0 SBC Band PtfFECK A Ea 

d SBC Band PHLEouB Ecu 


Bond Ptfl-USSB S 

Bead Ptff-Yen A Y 

Bond Ptfl-YenB Y 




d SBC DM Short-Term A DM 

0 SBC OM Short-Term B DM 

0 SBCMMF-DnMaG FI 

0 SBC MMF - Era Ea 

0SBCMMF-EK E*C 

d SBC MMF - FF FF 

a SBC MMF -Lit LB 

0 SBC MMF- Pine Pta 

0 SBC MMF - Schilling A5 

0 SBC MMF ■ SterBog c 

0 SBC MMF -SF SF 

0 sac MMF-US- Dollar S 

a SBCMMF-ussni ... -a 

d SQCMMF-Yoa. _.Y 

a SBC GlbMHfl SF GHfi SF 

d SBC Giw-Pff! Ea Grid Era 

0 SBC GM-PH! USD Grin S 

0 SBC GlM-Ptfl 5F Yld A SF 

0 SBCGtaHflflSPYHB SF 

0 SBCGBN-Ptfl Era Yld A_— Ecu 

0 sac GW- Ptfl Ea Yld B — Ea 

0 SBC GU-PtB USD Yld A_S 
• SBC GlM-Ptfl USD Yld B — S 

0 SBC GlbLPHISF Inc A SF 

0 SBC GON-Ptn SF Inc B _SF 



Page 7 


w Central & Eastern Euro— SF 

mCwfUTY Futures s 

mCeryln Growth Fred S 

m Chilton hdl (BVI) LM * 

wCMnaVMen J 

W ciktaei Limitea — SF 

d CM USA - S 

tvCMI Invmtmeni Fund . A 
mCML Sirategtc Bd Fd Ltd— 3 
mCML Strategic inv Fd Lteus 

m Col ambus HotatiNrs 8 

m Concord* Inv Fund S 

nrCrelhresl Actions ini I BF 

wConttvert Obn Bam ct — ,bf 

wCanttvcrtObll world DM 

w Convert. Fa Inn A Certs — s 
■v Convert. Fd inrl B Certs— s 

m Croia OriU Cup S 

•r CRM B-TJ*. Fd Ltd SF 

w CRM Global Fd LM S 

iv Crosbv Asset MsmtLtd — S 

nr Cumber mn N.V. S 

w Curr. Concept 26 88 X 

d D. Witter Wta Wide i Vi T9J 

wIXG.C — 5 

0 Datwa Japan Fund ...Y 

a Dfl Arpertlna Bd Fd S 

d DB5C t Nairn Bond Fund — X 
w Ornvolive Asset All oc— ,t 

w Detector One Ltd S 

d Drtriua Amvrlco Fund S 

t DVT P er f orm anc e Fd x 

ai Dynasty Fond. — S 

w Ess Overseas Fund LM —8 

at Elite World Fund LM SF 

at Emerge Capital S 

0 Eml Beta. Ind. Phis A BF 

d Eml Beta. Ind. Plus B BF 

0 End Front* ina. Plus a — FF 

d Eml France ind. Ptu* B FF 

0 Eml Germ. Ind. Pto*. A DM 

0 Eml Germ. Ind. Pfcn B DM 

0 Eml Hem. Index PM A FI 

0 Eml Neth. Index Plus B FI 

a EmJ Spain ind. Plus A Pta 

a Eml Spain Ind. Plus B— PM 

a Eml UK index Plus A c 

a Eml UK Index Plus B — 7 
w Eseir. Sto Inv.Stti Eur Fd_S 

a Europe 1992 * 

■v F JAP. Portfolio-— * 

<71 Fa turn Fund t 

n> Firebird Overseas LW S 

W Flrrt Eaoto Fund X 

w First Ea Lid. EO> 

m First F rani tor Fred * 

■V FL Trurt Asia S 

tv FL Trurt 5wttreriand SF 

0 Fonts tofia S 

w Fenlux 1 Money SF 

at Fontox J - Inti Bond SF 

w FonmuitHon W InH DM 

0 Fortitude Group lnc_ -X 

ra Future Genenutan Ltd — X 

m Futures Corporal lor S 

mFXC IlMMmMtLM s 

rnGEM Generation Ecu a — Era 

mGEM Generation LM S 

m Gem ini Coys LM— — S 
mGems Progressive Fd LW — X 

w General Fund LM — * 

m German Sel. Assoctett* DM 

mGtong Cnnltoi Fd DM 

w Gtobal 93 Fred LM S X 

w Gtobal 94 Fund Ltd SF SF 

w Gtoboi AiMtrppr LM 5F 

w Gtobal Futures Mot Ltd X 

w Gcrmord — — SF 

d GreeruJne France. — FF 

m Guaranteed CommOdltv FdS 
mGuoranteed Currency Fd—5 

1 Haussmorm HWPSN.V S 

m Hemisphere Neutral Oct 31 5 

wHeaio Funa 5 

b mrebridge Capital Coro — s 

■v ibex Holdings Lid SF 

b ILA-IGB S 

b ILA-lGF — J 

b ILA-INL X 

w Indigo Currency Fd LM— S 
iv inMtv invertors Ltd. - — S 

r lidl Securities Fund Ecu 

■v Idler Mgt MM FtMUxfg — OM 

0 InteriundSA —5 

0 infl Network invt ,8 

0 InvertaDWS DM 

wJopB Great AskmPrasp S 

nr Japan Pacific Fred — — S 
m Japan Selection 6m. — Y 

wKenmar Gtd. Series 2 S 

m Kenmar Guaranteed . — 1 

a Klnaate Gtobal RfLM— I 

w KM Gtobal 8 

0 KML- II High Yield 1 

w Korea Growth Trurt 1 

w Le Fayetie Hckflnps LW — s 
b La Fcvette Regular Growths 
m La Jolla let Grth Fd LM — X 

w Leaf Stars S 

mLeu Performance Fd S 

wLF Internertenpl 8 

m London Paritado Services _S 

mLPS lidl UPta 8 

m Lux Infl Mat Fd Ud — S 

— 1 t — e 

mLynxSeLHokflngi - -SF 

w MKlnadOn Oftshorc. N.V 8 

m Master Cop X Hedge Fd — s 
xr Matterhorn OHshora Fd — 8 
mMcGtonb Gtobal I Nov XU 

mMCM lid. Limited 5 

w Millennium Irtenw1tonal_s 

mMJM International LM 1 

d ML Prindp Protec Plus . — X 
in Momentum Guild LM ■ 8 
w Momentum Novell tor Perf-S 

wrMdndlPWriSksv SF 

mNlont Blanc Freds Porff —S 
m Morrison Spec Growth D — S 
mMerrfcor Bndt lod C — — S 

w Mult natures — -FF 

a Now Millennium Fut. Lta—S 
0 Newtxaik Debentures—- — 8 
mNtnefvtftreeMufuol FdMV-Era 

mNMT Aston S*L Portfolio S 

wNdflta Partners MffLM — l 
w Nova Fin Fd Ltd-Prep Ser-S 

m N5P F.l.T. LM 8 

m Ocean Strofegtos Umltad — ( 
b offshore strategies Ltd— J 

wOM Ironside inrl LM 8 

mOrocaa Overseas Partners JS 
mDpaenhelmw U5-Art. 1 


nt Optimum Fred- 
w Oracle Fred Ltd 


m Overtook Performance-. 

Ill Podf RIM opp BVI DSC 19 J 
m Ron Fixed Inc Fd Lion 31IJI 

01 PAN totoroatlonol Lt d X 

wPancurri Inc s 

w Panda Fmd pic— — * 

m Panpipes Offshore (Nov 30)3 


m Paragon Fund Limited J 

m Parallax Fred Ltd — X 

mPeouat Inti Fund -- 8 

mPermal Undyte Ltd S 

w Pharmo/wHecHti s 

wPtwfgesflre Phirl forex — FF 
wPl u rtae M ionPhirtvalew — FF 

w Pkirfvea Starv F F 

ro Pombov Overseas LM —5 

m Portuguese Smaller Co 8 

m Portuguese Smafler Ca a Cl 
m Prtmo Crettal Fred LM — 8 
mPrima leveraoed Bd Fd — x 
mPrbneo Fund S 

d proflrentsx 

w Pyi umid Inv Fd Cora ■ 8 

0 ReocH Inti Fund Ud 5 

m RehCom I n v es tme n t n.v — X 

t «c GlohOl Fd LM U A 8 

wRM Futures Fund Staav — S 
ir Sol tort Inti Eaoily— — Ecu 

m Sal tort Infl Fixed Era 

0 Sanyo Kto. Spain Fd — X 

d Sarafcreek HoUng NV X 

w Saturn Fred. -■ X 

mSovov Fund | M ,3 

d SCI / Tech. SA Luxembourg)* 
mSrtecta Gtoboi Hedge Fd _ X 

b Selecflwe FUL Ptfl LM S 

w Sinclair Mutitfund LM X 

w Skrtra Fund Ltd * 

wSJO Gtoboi 16091921-6595— S 
a Smith Barney wndwd sec jx 
0 Smith Barney Wrldwd Specs 
wSP InieraattonM SA A Sh — 8 
wSP Intarnattonol SA B Sh_l 
m Spectrum Dhmrslf Fd Lid — X 

m Spirit HndMHM X 

mSrtrit Neutral HM — X 

wStetahmdt OYeas Fd Ltd_5 


wStotohonli Realty True! — s 
w Strot Heaffluan Inv Fd — X 

mStrMer Fund — S 

mSfromo Oftshoro Ltd— S 

a Sutnel GMxd III LM S 

a Sunsei Gtobal One 8 

m Sussex McGarr S 

w Techno Growth Fund — 3F 

a Templeton Gtobal Inc 8 

01 The Bridge Fund K.V- — * 
m7he GwFGtobai OMshore — s 
0 The Instit Multi Advisors — S 

mTTto J Fund aVJ. Ltd 8 

w The Jaguar Fred NV. 8 

d TneM*A-R-S Fd Sicnv A — S 
0 The M’A'R'S Fd Slcav 1 — DM 

0 The Masu5 Ecu Fd LM Era 

0 The Mores US SFdUd S 

ajTheSerOKHesFdUd 5 

n»Ti» Smart Band LM SF 

in The Smart Band Ltd s 

wThenwMM* Futures S 

m Tloer Selec Held NV Bid — S 


b TIIC (OTC) JOP. Fd Slcav— S 
b Tokyo (OTC) Fund Slaw —S 
w Trans Glabrt Invt LM— . 

d nresnoriflcFund— 

w Trinity Futures Fd LM— 
m Triumph I 

m Triumph IV 

a Turquobe Fund— — — . 
ur Tweedy Brawn infl SFR _ 
m Tweedy Brown* Infl n.v._ 
iv Tweedy Browne n.v. Q A- 
m twenty- First Fred Lid — 

d UboFutures — 

d Uba Futures Dollar 

f Ultima Growth Fd Ltd — 
d Umbrella DeM Fred LM. 

a Umbrella Field LM 

IT lim Band Fred 


w Uni Capita) Allemaree, 
w Uni Capita) convertibles— -Era 
wum-Gfbl FSSvstemoflaue JF 
nUtfi-Gibi Sk: FSMax 3ara-SF 
w LMLGiobal Stonv DEM— DM 

w Unl-Gtabai Sicnv Era Era 

w Unt-Gtobal Skw FRF FF 

w Unl-Gtobal Sicav FS- 5F 

ivuni-GtoDaf Staw USD s 

d Unko Eautty Fund DM 

0 Untao Inv. Fund DM 

w Dram infl L M . ■» 


mVepa Fd 
m Victor Ft 

m Victory I 

b voyager 
w Vulture I 




w World invert MtxwJ S 

m Worldwide Limited 5 

w WPG Forber OYeos Part _JI 


mWWCreitDi Grth Fd Ltd X 


m Zephyr Hedge Fund, 
wZkeiia(l9M) LM-— 
n tZwota Ion Ltd 


To our read »f» in r rat nu ! 

It’s never been easier to subscribe | 
cand save with our new toll free ! 
service. 

Just call us today at 05-437-437 


For information on how to list your fund, fax Catherine de VIENNE at (33-1) 46 37 21 33. 


D 






• * 


esternational herald 


tribune, THURSDAY, DECEMBER 29, 199* 


Page 8 


m 


T. 

T 




-£u* 



telecom 

' *” ITALIA 


ANEW NAME L 



i* ' 




v-v'V 



StSS SSSfcl- 

managed Italian telecommunications . 
separately, and has thus become a global 
operator in a completely new framework. 

TELECOM ITALIA . „ . 

is now the sixth largest telecommunications 

operator in the world in terms of turnover 

and one of Europe’s prime investors 

in the sector. . . 

It is a joint-stock company with almost 

70 000 investors and 18% of its share 
capital is held by foreign shareholders. 

TELECOM ITALIA 

has a worldwide presence with 1» , 

representative offices with a large number 
of other corporate entires, it also has a _ 
wide-spread commercial network geared T:o 
provide, even abroad a speedy, integrated 
and innovative answer to the communications 
requirements of people and companies. 

“A sharp decline in financial charges 

ongoing economic and financial consolidati on is th e dear 
result of a policy based on rational and integrated 
Mtion. further strict cost reduction measures and carefully 
■ r-i-wH large-scale economies in order to become competi- 

live in a free market . 

(Francesco Chtrichigno) 

Managing Director 


V ::V 



■•1993 FIGURES REFER TO MERGED COMPANY SIP 


TELECOM ITALIA - Direzione Generate - via Flaminia, 189 00196 Roma 


:“**•»* 


ffiRNATI 


LiTI! 



-.'jS 


f! 


i • • . . 


r,f" ^ < 

\c*. « 

•.c inbatf 
• : ib 

mat 


' •■p'I 

' Nl 

: 

: \ i htlto 

iTirw’flf « 
u v.m wurs 


•J-.': ■ - -- a 

^ r :: '• Vr L *n» 



'C'C r .»* n 

« i" 1 *. Ki 


» LI 


jSj* \ * m% 

3s r* sS,* 

.CS'ta 




PHOGETTO GRARCO PdBSLlClTARIO - iAC0P.NI - BlCCARI - ROMA 









iKib 6* \&p 




■:F 


1 :iz: Rm 

%c : ;: 


€B€L 

** 


: V - 'I - * ■: ' " . ’• • 

•• • .• •• . • : . • -Siv- 

• w .. ‘ ' ..F ,r •<*-■*. «u.u. *. .i.ry. 

International Herald Tribune , Thursday, December 29, 1994 


"■-.j;./.--' 

Page 9 

the architects of time 


WM TRIB INDEX- 1 qi gn 

Irtemational Herald Tribune Wodd S^,;J 1° ° 1 ■■ 
280 internationally investable sScksf^ Jft* ®- P° m Pos«J of 
byBloomberg Busine^^^^^gf^^tnes. compiled 



110 -7 


too 


World Index 

“1 2S28/9-1 dose: 113 . 3 T 

Previous: 112.35 


90 Ja -j i i . 


D 

1994 


Appro*, weighting: 32 % 
Close- 126.80 Piev.. 12622 


150 
130 

110 ~r 

90 


Aptmx. wegfitirg- 37% 

Close. i\6 10 Pfev.-iu.57 


J A S O N D “j a S O N TT 
1994 1994 


North America 


Approx, waghting. 26% 
Close: 96.99 Prev.: 9721 


Latin Amertca ■ 



77)e Max tracks U S dollar values ol stocks « Tokyo, Now York. London, and 
Argantra. Australia. Austria, Belgium, BradL, Canada, ChHe, Danmark. Finland. 
FranM. Germany, Hong Kong, Italy. Mexico, Nothoriarata, Now Zealand, Norway, 
Skig^Mre, Spain, Sweden, Svritzeriand and Venezuela. For Tokyo. New Vo* and 
London, the Index is composed ol the SO top issues n terms cd market capHaksation. 
otherwise the ten lop stocks are tracked. 


1 Indus 

trials 

ector 

s 

■ 

- 

. V 

^1 


WH. 

dow 

Piyw. 

% 


WML 

Prev. 

\ 

Energy 

113.45 

112.66 

+0.70 

Capital Goods 

(14.40 

113.35 

+053 

UttHks 

122.18 

120.69 

+123 

Raw Materials 

133.62 

131.82 

+157 

Finance 

11455 

113.73 

+0-55 

Consumer Goods 

104.76 

104.15 

+0.59 

Senricee 

111.63 

110.09 

+1.40 

Miscellaneous 

118-90 

11&S1 

+1.79 

For mare mtorma&m about tha Index, a booklet is aitaMde tree of charge. 

Write to Tito Index, 181 Avenue Charts s de Gaidte. 92521 NewHy Cedex, France. 


World Hits a NonrOPEC Gusher 

Analysts See Years of Strong Output Outside Cartel 


By Allen R. Myerson 

New York Times Service 

DALLAS — Oil production by non- 
OPEC nations, after declining since 
1988, began an unexpected revival this 
year that is expected to continue into the 
next century, tempering price increases 
and limiting the world's dependence on 
the oil cartel. 

Already, the rise in supplies from oil 
fields beyond the Organization of Petro- 
leum Exporting Countries’ do main has 
helped keep prices low despite booming 
demand and production quotas set for 
OPEC members. 

New technology, improved corporate 
efficiency and the opening to exploration 
of vast mew areas, energy analysis say, 
promise to raise non-OPEC production 
63 percent by 2000. 

Chi the North Slope of Alaska, new 
discoveries and modern techniques for 
getting oil from existing wells have kept 
oil flowing at rales nearly two-thirds 
higher than the state predicted. 

In China, Vietnam and Russia, West- 
ern exploration and production crews 
are swarming to areas that were long 
closed to foreign investment. 

In the North Sea. fields thought to be 
entering their dotage after 25 years of 
pumping are producing 20 percent more 
oil than last year, helped by lower pro- 
duction costs and new discoveries. 

For the first lime since 1988, output 
from non-OPEC nations will increase 


this year, to about 39.1 million barrels, 
up 600,000 from last year, according to 
the consulting firm Cambridge Energy 
Research Associates. OPEC itself recent- 
ly confirmed this turnaround and pre- 
dicted its continuation. 

“The non-OPEC production in- 
crease," Dr. Subroto, OPECs former 
secretary-general, said in a recent speech, 
"changes the rules of the game." 

Although more oil stiU comes from 
countries outside OPEC than from the 


A Revival at the Rigs 

World oti production. inducting etude 
oH and associated tiqvkts. 

45 million barrels a day 


40* 


rWTsa- 




«n 

0®! 

OPEC 



' 


20. 

T~* —I — nr- ■■ t 



*88 *89 /ao *91 ■92 ’93 *94 *95 

Source: Cambridge Qiergy est B6t ‘ 
Research Assoaam 


12 countries in it, the cartel’s coordina- 
tion, vast reserves and spare capacity, 
especially in Saadi Arabia, have given its 
members disproportionate influence. 

Its other members are Algeria. Gabon, 
Indonesia, Iran, Iraq, Kuwait, Libya, Ni- 
geria, Qatar, the United Arab Emirates 
and Venezuela. Iraq has been banned 
from the (til market since it attempted to 
annex Kuwait by force in 1990. 

In the late 1980s. nonmembers re- 
buffed OPECs suggestions of coopera- 
tion mi pricing. By 2007, however, the 
cartel expects to be producing a majority 
of the worid’s oiL 

There are no guarantees that increased 
production win keep prices stable. 

More Russian or Middle East turmoil, 
or especially rapid growth in global de- 
mand, could still create shortages. In the 
long run, the largest portion of the 
world’s increasing thirst for oil can only 
be met by OPEC. 

But for next year, the International 
Energy Agency of (til-consuming nations 
predicts that more than half the world's 
increased demand ofl.l million barrels a 
day wfll be met by producers who do not 
belong to OPEC. 

That contrasts remarkably with the 
outlook a few years ago. The consensus 
of industry executives and analysts in 
1990 was that oil, then priced at around 
520 a barrel, would go to 5 30 by 1995 on 

See OIL, Page 10 


Dollar Suffers 
As Aid Rumors 
Benefit Mexico 


China Warns of Trade War With U.S. 


C International Harold Tribune 


CtmpHed by Our Staff From Dispatches 

WASHINGTON — The 
United States expects to name at 
least $800 million in Chinese 
products Friday that could be 
slapped with trade sanctions, 
but China warned of a trade war 
if the U.S. toughened its stance. 

A spokeswoman for the U.S. 
trade representative, Mickey 
Kan tor. said no further talks 
were scheduled with China be- 
fore the Dec. 30 deadline for a 
settlement of the dispute over 
unauthorized Chinese copying 
of American products. 

The Xinhua news agency 
quoted an official as saying "any 
attempt to Impose sanctions or 


to retaliate would not do any 
good and that a tougher stance 
could only lead to a trade war.” 

The United States broke off 
talks with the Beijing two weeks 
ago, charging that China was 
not negotiating seriously. Since 
then, the Chinese government- 
controlled media has attacked 
the U.S. for its demands, sin- 
gling out one negotiator, Lee 
Sands, for alleged "arbitrary” 
and “meddling” behavior. 

But Wednesday, the Chinese 
media appeared to take a more 
conciliatory tone, with a com- 
mentator for People’s Daily, a 
newspaper of the ruling Com- 
munist Party, saying Mr. Sands 


had left abruptly, bringing the 
talks to a screeching halt. 

"In spite of the frictions, de- 
velopment remains a part of the 
mainstream of Sino-U.S. eco- 
nomic and trade ties," he said. 

The proposed sanctions will 
not take effect before the end of 
January, at the earliest, and 
during that month, more talks 
between the U.S. and China are 
expected. 

Prime targets for punitive 
tariffs by the U.S. include 
shoes, toys, sporting goods, 
clothing, radios and suitcases 
made in China. These products 
make up a large part of China’s 


export trade with the United 
States, which is already running 
at a record level of $32.4 billion 
through October. 

The $800 million of products 
on the retaliation list is about 
equal to the damage American 
companies claim they suffer an- 
nually because of China’s fail- 
ure to enforce the copyright 
portion of a 1992 agreement 
with the United States to pre- 
vent intellectual property viola- 
tions. Patent and trademark vi- 
olations could increase the 
value of the list several hundred 
milli on dollars. 

(Bloomberg Reuters) 


By Lawrence Malkin 

International Herald Tribune 

NEW YORK — Mexico’s fi- 
nancial markets bounced up 
but the dollar was caught in the 
backwash on Wednesday as the 
new Mexican government al- 
lowed short-term interest rates 
to rise above 30 percent while 
trying to draw up an economic 
policy to restore investor confi- 
dence. 

The United States and the 
International Monetary Fund 
were reported to be advising 
President Ernesto Zedillo Pon- 
ce de Lean’s government on a 
possible austerity package 
backed by an emergency line of 
credit of at leasL 310 billion in 
addition to the $7 billion al- 
ready agreed upon to stabilize 
the currency earlier in the year. 

As rumors of a possible res- 
cue package spread in the cur- 
rency markets, nervous traders 
marked down the dollar against 
European currencies while the 
Mexican peso strengthened. 

The dollar lost almost three 
pfennig against the Deutsche 
mark, its biggest one-day drop 
in five months, and the peso — 
which had lost nearly 40 per- 
cent against the dollar in a week 
— rebounded against the UJ5. 
currency. 

At the close, a dollar bought 
4.90 pesos, compared with 5.65 
pesos at Tuesday's dose. That 
amounted to a 15 percent gain 
in the peso's value on the day. 

With trading thin everywhere 
in the week between Christmas 
and New Year's, movements in 
all financial markets were as 
exaggerated on the way up as 
they were on the way down. 

But the change in direction 
resulted from the first dear sign 
that the Mexican government 
was prepared to take painful 
measures to defuse the crisis. 

That came in Wednesday 
morning’s auction of 28-day 
Treasury bills, known as Cetes. 


which set the wholesale cost of 
money for banks. With demand 
weak from frightened investors, 
prices fell and interest rates 
were bid up to 31 percent, 
roughly double the rates before 
last week's devaluation of the 
peso set off the current crisis. 
Later in the day, traders 
led up same-day rates to to 
l percent, a premium intended 

See DOLLAR, Page 10 


Dushe 
34 pe 


Japan’s Surplus 
Surges, Ending 
A 4r Month Drop 

Compiled by Our Staff From Dispatches 

TOKYO — Japan’s current 
account surplus in November 
increased 15.4 percent from the 
year-earlier month, to 59.7 bil- 
lion, reversing four months of 
declines, the Finance Ministry 
said on Wednesday. 

The surplus on merchandise 
trade alone grew at a faster 
pace, 20.3 percent, to $10.9 bil- 
lion. as the yen rose 10.7 per- 
cent against the dollar. 

An official of the ministry 
said the rise was only "tempo- 
rary,*' attributing the Novem- 
ber result to seasonal factors. 

The rise in the current ac- 
count surplus, the first year-on- 
year jump since June, threat- 
ened to put pressure on Japan 
in trade disputes with Lhe Unit- 
ed States, but a Finance Minis- 
try official insisted the basic 
trend was still downward. 

Separately, Sozaburo Oka- 
maisu, who stepped down as a 
deputy minister at the Ministry 
of International Trade and In- 
dustry, said the United States 
and Japan would restart frame- 
work trade talks on the automo- 
tive sector “soon." 

(AFP, Kmgfit-Ridder) 


INTERNATIONAL MANAGER 


Upturn for Metall in ’95: What Else? 


By Brandon Mitcbener 

International Herald Tribune 

F RANKFURT — For Rainer 
Lepper, chairman of the in- 
house workers council at Me- 
taDgeseUschaft AG, 1995 al- 
most has to be better than this year. 

“I had the worst job anyone can imag- 
ine in 1994,” Mr. Lepper said. “We bad 
to get rid of 600 people without fixing 
anyone. The managemen t gave the direc- 
tion, but we did the dirty work." 

Despite indications that some of Me- 
taDgeseflschaft’s creditors are balking at 
proposals for a reverse stock split — the 
follow-up to a yearlong, 3.4 billion Deut- 
sche mark ($2 billion.) bailout — Mr. 
Lepper as well as the company’s manage- 
ment and a growing number of analysts 
say they are convinced the worst of the 
company’s trials are over. 

“You can’t abort a restructuring that s 
99 percent completed because of the re- 
maining 1 percent,” Mr. Lepper said m 
an interview. 

The reduction of staff at its Frankfurt 
headquarters was just part of a complex, 
costly restructuring that altered Metall- 
eesellschafi from a metals, naming and 
metalworking company that was Germa- 
ny’s J 4 th-laigest industrial business to a 
much slimmer company focused on 
rbrnnirak, plant construction, metals 
trading and financial services. 

Asa result of haying sdd or spunoff 
substantial industrial holdings, MetalL- 
gesellschaft says it 

profit for the year endmg Sept- 
When the company meets w*th its 
more-than-40 creditor banks m January. 


Chairman Kajo Neukirchen will tell 
them the company — on the brink of 
bankruptcy about a year ago after stun- 
ning investors with what a 23 billion 
DM loss on oil futures trading — is on a 
sound financial footing and would best 
be able to pay its debts if it could finish 
its restructuring first 
“This company is no longer compara- 
ble with the one you knew before," Mr. 
Neukirchen said in November, when he 
announced a 2.7 billion DM loss for the 

Toil can’t abort a 
restructuring that’s 99 
percent completed 
because of the remaining 
1 percent’ 

Rainier Lepper, head of 
MetaDgeadkcbaft’s workers council 

year ended Sept 30. “Through divest- 
ments, spinoffs and restructuring we’ve 
succeeded in fashioning a new company 
with a safe future.” 

Some creditors who remember hearing 
the same promise last year, however, are 
more substantial assurances. 
Though the company's bankers de- 
clined to comment, industry sources say 
several American and French banks, in- 
cluding Chemical Bank in New York as 
wdl as Sodfetfe Gtaferale and Banqoe 
Nationale de Paris, want the company's 
German creditors — many of whom are 


also shareholders — to bear more of the 
financial burden. 

“Everybody’s very upset about the re- 
structuring, and the German banks’ han- 
dling of the whole thing,” said one source 
who spoke on condition of anonymity, 
referring to Deutsche Bank AG arid 
Dresdner Bank AG, which are Meiallge- 
seUschafi shareholders and lead the con- 
sortium of creditors. 

Reuters quoted one Swiss banking 
source as having said MetallgeseUschaft 
was suffering from “over-res iructurin g. ” 

But while an air of digti vu is unmistak- 
able — many banks alio balked in Janu- 
ary, when the extent of the oil-trading 
loss that led to the company’s financial 
problems became apparent — this time 
MctaPgescJlschaft's German creditors 
are determined to see it through. “We’re 
all agreed (his time,” said one German 
bank source. 

Rather than block the planned capital 
write-down entirely, the company’s for- 
eign creditors are 'hoping to get better 
terms from Deutsche Bank, Dresdner 
Bank and others that would face a great- 
er embarrassment if the company s re- 
covery were to stall, analysts said. 

“In the last resort, Deutsche, Dresdner 
and the other big shareholders will have 
to pick up more of the tab,” said Peter 
Dupont, an analyst at UBS Phillips & 
Drew in London, describing the public 
criticism ahead of (he creditors meeting 
as “politicking.” 

“There’s a view kicking around,” he 
said, “that the money from the disposal 

See METALL, Page 11 


CURRENCY A INTEREST RATES 


Dee. 28 

!*" I DM. F-F; ^5, i55* iSs '’SS? 

am nan u*® ***? tuu juj us an J<J8r 

ics smbs ases *** lBJ 9 uw* urn is®' >■’“ ’i™* 

5 — s Si Em s — -1 a- £ ^ 

131 S42JI *4*n ***» l ** £2 sun i tmx U4M i.VUO 

SigJ.S £ S -»«g s 

£ S3 uti w* “j. g Sf. S! uMi- 

n *** SS ut ES IS «- 

ZZ>Z> — 


Eurocurrency Deposits 


swfu Fnudi 

Dollar D-Mark Franc Sterling Franc Yen 

1 month 5Hr4 SVMM 4-«i SW-M 6 MW» 

Smooths 6 Vi-6* SW.-S* 4W-4* tv*LK 6VHSV. TM-7* 6*-+4ta 

i months 6 -*4*. 5VMM 4H-4V, Mfc-7 W. IWH. 3*4*2 HMS 

I Tear 7to-7<K. 546-596 4*tw4Vk 7Wr7 H, 2Vt - 246 7-7 tk 

Sources: Routers. Uoyds Book. 

Roles cu&jcmue Id Interbank dtwasti3 of SJ mitt mttUnwm fortauMenr). 


Dec. 28 


ECU 


r Values 

s Cunwacv PW* 
era**** 

5 s £ 

ESS'S 

nBY.lW ** 


Carreecv Fees 
MBX-pmo M5 
H.Z-ata-0* JJB8 

PhU.peaa VM 

PSftshxtOtY “ 

ssr » 


Ctnsncy Pars 
S. A*-, rood XS64S 
S.KW.— 

Sued, Krona 7.404 

Taiwan s 
TWHbaW 

mrumnia arc a 
wE mww son 
V«*ez. boflr. 14M7 


Key Money Rotes 

United States 

DHcMmtnrte 

print* rote 
Fodoni toads 
SHotoam CDs 
Comm, mow UO dm 
3-mnnffi Tr*aw*rr bfll 

I-y*ar TronsaryWH 
avowTrewvoole 
}.y«ar Treasury oat* 

^nar Treasury onto 
»jy*ar Treason no** 

30-year Tronsarr hood 

MwiiH Lyucfc 30-day reoWvt 


Mn w«»*r 

MOT I*** 1 S^lSwidoear , ' 4BB ’wle 

, u7i Can®**®*" 9M4 »M* 

t ddn jaaaMSoyoo 

157» 1J«* 

1 J*» 1 - S2W „ i nn i fff f . mm cammereMe iMlene 

1 . oMthmandAr. 


Mfcotaff raft 
Con money 
1-ntooffi latertonK 
IfnMdOUitErfcn* 
tmowti toWtwidt 
U-yoor o u s srm o nt hood 

Oownwg 

Lombard rate 
GaA money 
i-moot» loU rfto n* 
!Nwa th MtrbanK 
MMettWrtdBK 
IMftOrWnd 


Claw 
4V, 
Wi 
S K 

4JS0 

JL46 

174 

751 

701 

7J9 

tea 

Hrf 4S3 

tVr 

2U 

2V, 

2K 

2* 

434 

too 

4.75 
SJO 
SJO 
539 
7 M 


A 

BV* 

5V, 

557 

443 

553 

471 

746 

77« 

7J7 

7J5 

7J6 

4 JSt 


W 

2IA 

2*4 

2Vr 

m 

455 

ioo 

440 

SJO 

550 

SJO 

747 


brttala 

bow "de 
CollHMMV 
Hnoaib Motnk 
SmnMMntarii 
S^naoO, t n torb oi dt 
WHroarBltt 
France 

i m on mn l Hw rate 
Caumomrr 
1-monm totertnafc 

■k 


tV> tv, 

4 ft L 00 

6 V. 4 M 

616 4 b 

7V1i 6*» 

146 447 

SJO SM 

5* Sh 

54k SU 

6Vk 6 tv 
4W «k 

i nwrixr tu» S Bt 

Sources: neuters. Bloombera. Merrill 
Lynch. Bank ot TMtw Oommm/»onk,CtMl 
Lyonnais. 

OoW 

AJM. PJA. CVH 
Zurich 38145 38040 +075 

London 38T4T 38175 + 045 

Hew York 38340 38330 +240 

U& tmmnper ounce. Landnn oHkJot fix- 
inasi Zurich ana New Yont opening and c/a> 
tne prtcex; hew York COtnex ( f ternary j . 
Source: Reuters. 


Ileralb 


lYlT.K.YVnuN M 


(tribune 


1-1 Hi t-Ml I* WSili 11K MV \1 >Rb T1»t! - SNI» "•-HIV. 


Decisive 

people 


get more out 


of iht . 




*4* 


tats* 


As regular readers of this newspaper, you tell us that you spend an enjoyable 30 
minutes with it, that you read tr thoroughly and appreciate its concise but 
: comprehensive style.! 

But of course, your choice of newspaper is not the only important decision 
you make. In fact, you tell us that you are responsible for a huge number of 
: business decisions including the buying of computer and telecommunications 
equipment and financial services.* 

,** , It’s clear then tbat both you and the advertisers who decide to use these 
pages, get more from the International Herald Tribune, 
v. ' For summaries bfihe surveys from which these facts are taken, please call, 

1 vjn Hurtle, lames McLeod on (33-1) 46 37 93 81; in Asia, Andrew Thomas on 
}’<§§)• 223 647S; m tile Americas* Richard Lynch on (312) 752 3890. 

V.sWiK.t VIVA 5 brtVg«.. , tt?/ * 93 . * Reader Saiv^ ' 94 . 





Page 10 

MARKET DIARY 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 




U.SVATTHEJCIOSE 


[ Vfa Anode** I'm 


Dollar’s Sharp Fall 
Drags Stocks Down 


Bloomberg Business News 

NEW YORK — U.S. stocks 
fdl Wednesday for the first 
time in five days, buffeted by a 
plunging dollar and a bona 
market slump- Oil and auto 
companies led the decline as a 
crisis of confidence in Mexico 
rippled through US. markets. 

The peso’s devaluation and 
doubts about die government’s 
ability to repay buttons of dol- 
lars of debt has raised concern 
about U.S. companies’ expo- 

U.S. Stock* 

sure in Mexico, said John 
Shaughnessey, director of re- 
search at Advesrt Inc. 

The Dow Jones industrial av- 
erage fell 22L20, to 3,839.49, af- 
terbeingdown as much as 35 33 
points. The average had gained 
94.54 points, or 2.5 percent, 
ova: the course of the previous 
four days. 

Declining stocks outpaced 
advancers by about 13 to eight 
on the Big Board, where 243.52 
milli on shares traded hands, up 
from 211.18 million. 

"What U.S. banks could be 
affected, what’s the impact on 
auto companies and the retail- 
ers that just opened up in Mexi- 
co” are questions weighing on 
investors, he said. 


Among companies with large 
operations in Mexico, shares of 
GM slumped ft to 41 ft, Cater- 
pillar fdl 1 to 5114, and Sears, 
Roebuck fdl ft to 45 ft. 

The financial crisis in Mexico 
took a heavy toll on the bond 
market as the benchmark 30- 
year U.S. Treasury bond fell 
26/32 to 96 6/32, driving the 
yield up to 7.83 percent from 
7.76 percent on Tuesday. 

The Standard & Poor’s spe- 
cially retail index of nine stocks 
was the worst performer in the 
S&P 500, falling 2.6 percent . 

Investors are “scalping the 
retailers” after reports Christ- 
mas sales did not match expec- 
tations, analysts said. Home 
Depot eased 14 to 46ft, Lowe’s 
fell ft to 34, and Circuit Gty 
Stares dropped 1 to 21ft. 

Telfefonos de M&tico rose 3ft 
to 41ft as bargain-hunters 
bought up shares in the wake of 
the company’s drop of 26 per- 
cent over the last two weeks. 

Shares of oil companies fell 
amid concern about earnings 
from refining crude oil U.S. re- 
finers are making little money 
as gasoline prices drop after al- 
most two months of high gaso- 
line production. Ultramar fdl 
ft to 2214 and Chevron dropped 
ft to 44ft. 



Pow J ones Averages 

Man HJ»h Low Lad CM. 

I nan 3854.98 38643* 3836.03 30969 — 23L30 
Trwtt 1442691443.15 USUI 14JS60 — SJJ 
mil 181.98 1BJ.11 1B1.1J 1B1J9 — 039 
a*nu 1275L7Z 127634 1284JB 1270.16 —5.99 


S ta n da r d A Poor’e bidets— 

Hitt tow cum ctftc 

Industrials 551.09 54477 548JM — ZU 

3S0JD6 3 om yajn 

UtMttes 151JS 1SIJJ6 151.88 — W7 

PfoffllCf 41 71 4UI 4155 — 0.12 

SPOT 4049 459J08 440JM-1A1 

SP TOO 4XU8 42857 43045 — T4I I 


EUROPEAN FUTURES 


NYSE Indexes 


:* * •; .. f. . 


Composite 
Industrials 
Transp. 
UHflty 
I Finance 


Wtt IjBw Last on. . 

251.99 33140 25139 -0.70 

S M9 3)737 318J6 —1.13 
199 21931 22142 —041 
200.03 19057 mm +0L 54 
19657 19534 19554 —0.73 


dose 

Bid AIK 

ALUMINUM (Hftt GlWM 
Polio rs MT mgrtcMn 
SoaT 193550 193650 

Forward mUO 196500 

COPPER CATHODES IHItt 
Ooflors per Mfirtcfwt 
Soot 3014J9 30I5J0 

arward 2MM» ZfiW 

LEAD 

Pcnwrd Maw «J» 

Pqjj^Mr iBrtrtcton . „ 

Fwlord 889UU Sown 

TIN 

DtUon per - 

soot 5W5ES STOW 

i Forward UOSM JtmM 

FaniwnJ 11S2W 1 15MB 


Prcv ta H 
BM AM 


169150 1894 JM 
1927.30 11BJ5Q 

Grade] 

3004j00 300640 
Z974J9 7TOW 


644JOO 64500 
66100 MUO 


B4740Q B474JM 

842000 BOOM 


JOM 15135 151W 

S TE ^ 
S tt sffi 
SK tt J: 

Est, votome: 14257 . 


Loti sente ChVe 

15155 151 JS 
1974* tsi» +*°s 

NX 15125 +4JB 
N.T. 157-21 +455 
N.T. 159W +400 

M. T. ttUg +» 

N. T. 16150 +4W 
Open Inf. 97 6W 


Upjohn Suspends Trial of New Drag : \)t ^ 1 

I?, aviaZOO Michigan (Bloomberg) -—Upjohn Co. said 

rfS- 


111700 UI&W 
114500 114400 


££ Its S3 its Sgta 

5j£T « am msS 74J7 7462 +046 

mSv 1653 1657 16® 1648 + 06? 

•E* MJ3 160 1<5 1657 +&» 

£ | B K2 S3 *s 

B 9 S? »e iss ?ss 

I s & » » its 

4W 1678 1678 IW.JW+W' 

Eaf.vatei»r5J.M6. Opcnlnt- 15X309 


W M: 0 


NYSE Most Actives 


NASDAQ Indexes 


Composite 

industrUs 

Bonks 

inaurance 

Finance 

Transit. 


High Law Last 

744-82 74079 7422? 
7408 742.19 742JM 
692.78 690.15 690.76 

917.18 91077 91 tBl 
85624 832.96 85115 

654.18 647.61 649.90 


Financial 

High Low cm* Chon* 

is as 

560 91,52 91.49 91W —ft® 


TnWtex 
ToyRU 
WoiMort 
1 RjRNab 
vPFSoc 
EfflPlcn 


GTetevsa 
, Chnrste 


VaL MM Law 
410k 38 
31 Vi 291% 
219% Silt 
5V, 51k 

ZUfc 20ft 
16 Vi 14% 
12% IZ» 
4iik «an 
2254 20M> 

41K 401% 

41k 4Vk 
40V% 391k 

SBVk 5616 
32W xm 
49 Vk 481k 


I AMEX Stock Index 


Mali Law Last aw. 
429 JB 427.65 429.57 +070 


onm-pUpfiNKf J 

US ss M Rfi 

?S V& M =» 

Mar 91JJ2 91^8 91J1 Uljfjt 

Jm 9ftW 90J1 +1 UB 

Ceti 9QR9 pflJW 9 (LBt wttOL 

9072 9092 90.91 +IL01 

MV RX %T. «Jt +007 

% N N. ss tss 

M. voluma: 777V. Ooan WJ 39WW- 
3-MONTH EURODOLLARS U.IFFE) 

n mllHon-ptaotWflpa 

u_ MT NT. VUO — UM 

5 tf£ Kf: ^ +^ 


Stock Indexes 

Hitt Law CMue Owns* 

3?™® 3..? sas tts 

5S N.T. 6VISW +sfl 

ES. votutno: 6105. Otwn W.: 5U2S. 
CACW IMA T I W 

** VWJMim'S? 193LM f3LH 

S5 .i®3 inuo iwuo -+3TW 

S 1W4J0 194750 194258 -+31W 

IttfiiB 193ZOO 1HZ50 -+31410 
55? NJ. N.T. 193550 -+31M 

S mmm, imoo IWZOO -+3U0 


PwJonWwrtltewgw 


TOUtU^M 
10 iiKtustrialB 


dan Ortto I 

94M +aw 

8954 + 026 ' 

9649 +056 1 


NASDAQ Most Actives 


DOLLAR: Caught in Backwash 


MCI 

BoyNhra 

MUcsfts 

inM 

Ossi 

Nordst 

TehfMex 

Oracle 

PrlcoCit 

Novell 

Atadm 

OSes 

SunMIc 


VaL Malt Law 
181k 17H 

3IM 291 % 
61 60 

431% 621% 

359% 3414 
41V> 40 

SVu Wp 
45V% tMu 
129% 121% 
171% 17 

19 17 

431% 42V% 

14U 13M 

S 9% 36M 
9k 3514 


Continued from Page 9 

to keep money from flowing out 
of pesos into dollars. Interbank 
rates were dose to 40 percent. 
r This show of determination 
to hang on to capital heartened 
the Mexican stock exchange. 

Foreign Exchange 

which gained more than 60 
points, or almost 3 percent, on 
the peso's rebound. 

Investors in other Latin 
American markets also seemed 
to get the message. Rising Mex- 
ican stocks were about the only 
strong play on Wall Street, and 
markets m Brazil, Argentina 
and Peru began recovering 
from this week's panic, al- 
though Argentina’s dropped 
back after the central bank re- 
ported record dollar outflows. 

Finance Minister Domingo 
Cavallo of Argentina flew to 
New York for talks with officials 
of the Federal Reserve Bank of 
New York, where he was expect- 
ed to talk about arranging a 
credit line like Mexico's. 

Any Mexican rescue package 
would have to strike a careful 


balance, with enough domestic 
austerity to underpin the peso 
and satisfy the foreign investors 
who finance Mexico’s growth 
but not enough austerity to an- 
ger Mexican workers. 

■ Dollar Takes a Tumble 

The dollar fell as Mexico’s 
financial crisis spilled over into 
U.S. financial markets, news 
agencies reported. 

After having held steady for 
hours, the dollar plunged more 
than three pfennig against the 
mark in a matter of minutes 
around 12:45 P.M. Eastern 
time. “This has eveiything to do 
with the peso," said Laurence 
Hayward, a trader at Nations- 
Bank of Texas in Houston. 

The dollar ended at 13450 
DM, off from 1.5758 DM on 
Tuesday, representing the dol- 
lar's biggest slide against the 
mark since July 21. 

The currency also slipped to 
99.25 yen from 100.30 yen. to 
1.3040 Swiss francs from 13302 
francs and to 53370 French 
francs from 5.4420. The pound 
rose to $13670 from $13455. 

(Bloomberg, Reuters) 


AMEX Most Actives 

VaL HWl L«w LOS 

® cvrt 20509 IV* 11% IVfc 

Mows 1«TI9 24% 29fe 2 Vh 

Interna 7DU 79% 6W 74% 

BcHoSaV 6071 11%fc 101% 11 

RwyalOn 5304 34% JV» 3K, 

XCLLfri 4459 "At kk H 

EMtOPe 4884 229. 20H. 2196 

V4xB 3647 401% 40V. 40V, 

IvuxQj JEW T8V. 17W 181% 

SPOR 3582 46W U 45Va 46V„ 


Market Sales 


NYSE 
Amo 
NudR 
In millions- 


NYSE Nary 


On 

Advanced 8 

Declined 13 

Unchanged 7 

Total Issues » 

New Hio hi 

New Laws 1 

sg F rev. 

72 1214 
40 1031 
37 679 
49 2934 
34 48 
06 125 

AMEX Nary 


On 

Advanced 2 

Dacnnsd . 3 

te rrev. 
IB 26ft 

51 310 

Total Issues 8 

New Highs 
New Laws 

19 796 

10 12 

44 27 

NASDAQ Diary 



Advaieod 

Declined 

Undnnaad 

Tan4lsauas 

NewNtate 

New Laws 


1403 ISO 
1858 iua 
1873 1985 

5134 5134 

96 117 

150 94 


Spot Commodities 


Aluminum, lb 
Copparalectratelc, lb 
Iron FOB, Ion 
LM0.IO 
Silver, troy az 
5laal ucnal, te» 

Tin. lb 

zmcib 


s? es & =« 

s £ ^ SS 

Jun 92J2 nil 92J0 —wo 

SK g? si 

liSf N.T.' NX uncfi. 

gs 8E JS:?: ^ SfiSt 

Ed. volume: 8531 Open hit.: 666X21. 
34HONTH PIBOH (MATTFJ 
NFStenM-^SOflMPCt 

3sr ^ v$ =ss 

SS -M? 

oec 9Z3J nf K na — gfl* 

Mar 9238 9227 9228 — M7 

^ 9228 92.15 92.18 — OLW 

9il8 92.11 92.11 —M2 

OK 92.10 97J07 me —M2 

ESI. voluma: IBMI.OpanM^ 19L961. 

sffiwaraiep c 

K ra ss iSs :ss 

jS N-T. NLT. im-T4 +M6 

EtL volume: 4^30. Open InL: 11B.99S. 
GERMAN BOVERNMBNT BUND IUFFE) 
DM 2SM08-Ptsof IIBpet 
HBt 9007 69 JS B9-75 —WO 

JIM 89 J5 89-25 89,73 +010 

Est volume 1 22,930 Oner Hit: 157.194. 
18-YEAR FRENCH GOV. BONDS (MATIF) 
HIM +006 

Jm> 11082 11070 11074 +O10 

3®P 1 1024 11034 IIOIH +070 

Dec N.T. N.T. N.T. Unen. 

Esf. voluna: 2&720. Open lot.: 1374H1. 

Industrials 

HWi Low Lost Settle C roe 

8£8SU?S MM .aiete. 

& jSS :s 

MOT 149-50 14775 14923 149J0 +42S 

Apr 149 JO 147 JS 149-50 14940 +3J« 

wn N.T. N.T. N.T. 151JM +445 


r "w. "?s ras z™ 

T97M0 JW2W-+3U0, 
Est. volume: 36459. Open tat: 60,992. 

Saureea: Matt/. Asyctoftf . Prvsj. 
union }nf1 Ftnaffcfpl Futures Enehaopa, 

infl petroleum Exchanaa. 


PiVklSIMlS 

Company Per Ami Rnc For 

IRREGULAR 

deva El UadlPfL - LM ,3-W 4-t 

cofumCita Bcp - JS 7 MO MB 

Dreyfs WWfl 
scud BolFd 
Sam CwGrm 
Scud Develop 
scud EtneraMM 
ScudGokiFd 
ScudGrthlnc 
Scud inti 

jCfaf JfKJfllt 

Scud Quol Grth . 144 12>Z7 12-W 

eJncUMes >135 etMBolns. 

STOCK SPLIT 
Model Inc 5 for 4 KHH. 

INCREASED 

BOncFNCorpOK Q 47 1-3 1-17 

syico con a .n i-v 2-ir i 

CORRECTION 

Mettmde EicA&B d 1-13 1-31 

Thai fsl e 264 72-30 1-31 

d-ravbed record dote, 
e+wbed amount. 

LIQUIDATING 

Gakxxv CoWe f 5JD 1-S 1-5 


L92 3-U +1 

JB 77-30 MO , 
36 12-19 1220 
J» 12-27 1230 , 
.725 1227 12-30 ' 
_22 1227 1230 
3b 1227 12-39 | 
.16 1227 1230 
STS 1227 12® | 
143 1227 1230 I 
JB 1227 1230 , 
134 12-27 12-30 I 




SPECIAL 

Laurel Bcp - -25 1-3 1-16 

REGULAR 

Bull&Bear Ollnc M AS 1227 1230 


Corporal Bcjhsl 
Detroit CttaTwinei 
Fsl State FM ■ 
Cdde nbonteCol 
l.ai ; ifai| 



Phoenix CATxFr 
Phoenix TxEx 
Price TREoIncPrt 
Scud IncFd 


O .0625 1-3 216 

Q .125 1-13 1-23 
Q US 1-6 1-2! 
Q .15 1230 V-2S 

o .10 va i-i6 

Q JM 1-a 1-17 

O 22 1-5 T-Jl 

M -043 1227 1227 
M -05 12-27 1237 
M .10 1227 1229 
Q .19 1227 1230 


n-awHiol; p-aavaMe In Cnadhm fundi; m- 
imuttldy; oe w m il y; a-mtatenanal 


he T? e ’ ? {S^SST*I» martemg 

law year on its two most important drugs. Halaoa, a sieving pm, 

and Xanax, an anti-anxiety drug. VreeAax for other 

But Upjohn said it wotiid oautmue tnals of Frecdox tor otner 

conditions and would push for its approval. 

Analyst’s Remarks Hit Toys Us 

NEW YORK (Combined Dispatches) — Ton 

atw^hdm. Sctooda- & 0^ 

reduced his estimates of the ^ 

1996, according to traders. Toys Tv Us shares closed $3.50 lower, 

al |maratelY, the company announced that it had pump^ 155 
ttfiBn . French francs ($28 million) of new ^h 

unit to finance expansion. I Bloomberg, Reuters) 

Dank of New York Buys ADR Unit 

NEW YORK (Bloomberg) — Bank of New York Co. said 
Wednesday it would acquire the American depositary rwapts 
business of BankAmerica Corp. The price was not disclosed. _ 
The acquisition fits Bank of New York’s strategy of b uying 
businesses that can easily be absorbed by the bank’s secunfies- 
processing business and add to profits quickly. . 

Executives said this month the company would post a double- 
digit rise in p n n nal revenue from securities processing, partly 
because of acquisitions. 

For the Record 

Aind Group, led by AixTouch Commouications Inc. of the 
United States, won the bidding to set up a private cellular- 
telephone system in Spain. The group includes Bntish Telecom- 
munications PLC, Banco Santander and Banco Central Hispano. 
AirTouch is the cettular-phone company that was spun off by 
Pacific Telesis early this year. (Bloomberg) 

Power Computing Conk, in which Olivetti SpA has a stake, 
reached an agreement with Apple Computer Inc. for rightsto 
build and market Macintosh clones. ( AFX) 

Merry-Go-Round Enterprises Inc. said it would dose 200 more 
stores by February 1995. The company has already dosed about 
200 of its do thing stores since it filed for Chapter 1 1 bankrmjtcy 
protection in January. (Knighi-Ridder) 

National fi«mfag Corp., a casino operator, said it would acquire 
all of Par- A- Dice Gaming Corp.’s shares outstanding for $150 
million, Par-A-Dice operates a riverboat casino in East Peoria, 
Illinois. (Bloomberg) 

Merrill Lynch A Co. has lost its media analyst of 17 years, 
Harold Vogd, to Cowen & Co., where he will direct a research 
tMnn covering the entertainment and casino industries, the two 
brokerages said. . . (Bloomberg) 


OIL: Non-OPEC Output Expected to Hold Down Prices for Several Years 


Coatinaed from Page 9 
the strength of rising demand 
and lagging production. 

The demand has material- 
ized, especially in developing 
nations. But so has new capaci- 
ty. CHI prices, which rose above 
$36 for a 42-gallon barrel in 
1981, have recently been less 
than h«lf that because of in- 
creased supplies. 

Oil companies, meanwhile, 
have more than adapted to low- 
priced production. 


“I don’t think there’s any 
question that the industry is 
learning to do things, like deep- 
water drilling at 517 a barrel 
and S2 a cubic foot, that 
couldn't be done two or three 
years ago,” said H. Lau ranee 
Fuller, chief executive of 
Amoco Corp., referring to to- 
day's low oil and natural-gas 
prices. “When life is tough you 
find ways to do things better." 

Although most of the techno- 
logical advances and foreign 


ventures have been known 
about for some time, their com- 
bined impact is only now be- 
coming dear. Even production 
declines in the United States are 
slowing, largely because of new 
sources ranging from the Gulf 
of Mexico to Alaska's North 
Slope. 

New technology is rendering 
the “rig count," the census of 
operating oil rigs that was long 
the most trusted guide to the 
U.S. oil industry’s health, less 


useful as faster and more pre- 
cise drilling result in more dis- 
coveries and more production 
for each drilling rig. 

CHI fields that had been con- 
sidered exhausted in other 
countries, including Venezuela, 
an OPEC member far from the 
jittery Persian Gulf, are coming 
back to life with horizontal 
dr illing and enhanced recovery 
techniques. 

Methods for mapping under- 
ground reservoirs have im- 


proved the odds of a strike; pro- 
moting new production and 
helping make oil companies 
more confident about building 
$1 billion platforms. 

The Gulf of Mexico is the 
leading site for deep-water pro- 
duction, which has extended to 
depths of 2,860 feet (875 me- 
ters) from 1,350 feet in the last 
six years. CHI companies are 
making plans to use the same 
technology in West Africa and 
South China. 

03 companies have also cut 


WORLD STOCK MARKETS 


Fume, Pnmo Dec. 28 


Amsterdam 

ABN Amro HM 
ACPHtoMUw 
Ami 

Ahriri 

Aka Nobel 
BotvWoJoanen 
CSM 
DSM 
Ebavfer 
FoUkor 
ForflSAMEV 
GIsS-Brocodcs 
HBG 
HUnefcon 
Hoaonvem 
Hunter Dauofcu 
iHCCokmd 
I war Mueller 


ScMrtng 

Siemens 

Tfivswn 

varta 

Voba 

VEW 

VKe 

Volkswagen 

W*Ha 


mo loot 
65DJ0 652 
2928027120 
287 293 

541 AO 54420 
412 412 
482JD 480 

43220 433 

925 935 


Helsinki 


KSSLn 

PakhuH 

pwm» 

pDhwwi 

Robeco 



84-50 BS60 

Erno-Gutzetl 


CAP. 

569 5J? 


129 no 

W«rt» 

Ml MO 

Xokia 

696 691 

Pohlota 

60 58 

Repola 

8560 B*.90 


Rnrento 
Royal Oufcft 
Stark 
UnPever 
Van OniRiercn 
VNU 

WUteVKJuwer 

KaiT 


Brussels 

Ahnanll 
ArtkkJ 
Boko 
BBL j 

sr 1 

cocfcertli 

CatMpq 


Fanis ac 

GIB 

GBL 

Gavaert 

Gknwtiel 

immeM . 

KiwMDmk 

tnsmmip 

PairaHna 
Po%»rfln 
RecnoBl 
Roynle Betas 
5oc Oen Bariaue 

socGwiBatsmw 




Hong Kong 

31-20 


Fona 

GEC 

GeciTAoc 

Glaxo 

GncndMot 

GRE 

Gubwess 

GUS 

HSBC HUBS 
ICI 

Inchcnpe 
Wnoteher 
Ladbroke 
Land Sec 
Lapart® 

Lasma 

Logoi Gw Gr» 

UovdsBank 

MoisSa 

ME PC 

Nan Power 

Jtatwest 

NlhWsI Water 

Pearson 

P&O 

PllMnaton 

PowerGen 

Prudential 

RankOm 
RwAIttCol 
Red land 
Rceaintl 
Routers 
RMC Group 
Rolls Ruvce 
Rattimr tunll) 
fiscal 

Saliwbory 
Scot Newcas 
Soot Power 
Sears 

Severn Trent 

IMl 

smittiNeotew 
SmHn Kline B 



SmHti IWH1 
Sw> AUlaioe 
Tate 8. Lyle 
Teeco _ 

Thom EMI 
Tonkins 
TSB Group 
Unilever 
UtaBbcutls 
vooafane _ 
war Loan 3» 
Wellcome 
wniibreod 
WIlUamsHdus 
Willis Carroon 
FT 30 tndex : n 


119% 119% 
34 24 

7 716 
19 19 

19*6 199* 
12V* 121% 
22 SIM ; 
121% 1216 
I 24*6 W« 1 
40 401% I 
ElW 141% I 
1*9% 1996 | 
231% 2336 I 
19M 1916 , 
«% «% ! 
1816 IBM 
3M* 40 | 

19 189% 
28V. 28 | 

179% 171% 
1816 UFA 
28 28V> 

C » 78 
4» 42V% 
151% 151% 

3& 3M 

Iks mm™ 


Accor 

AfrLKtakfe 

AtaateTAMtiom 

Am 

Boncalro (Cle) 

BIC 

BNP 

Bouyoues 

Danone 

Carretour 

CJC.F. 

Cerus 

CUb Mad 
EffVUurftQhM 
Euro Disney 
Gen. Earn 
Havas 
imetai 

Urtarne Caaaee 
Lenrand 



2.16 2.1B 
14 14 

US 8.90 
B60 BL60 
2J1 232 , 
27 JO 2740 1 
2.45 Z£ 
173 2-77 
5JB 5 I 

23 Si 

IJ8 M5 I 
15JQ 1580 | 
2-85 236 
•XA 2234-15 


Stockholm 


ACA 
Asea AF 
Astro AF 
Anas conco 
Electrolux B 
Ericsson 
EssetteA 
Mandefshonk BF 
investor BF 
Norse Hydro 
Pharmacia AF 
Sandvlk B 



SMmam 
gdn ptsu Chem 

SuirdtenoBL 
SurnBarwOieffl 
Sumj Marine 
Sumitomo Metal 
Taisel Com 
Takedo Chem 
TDK 
Tellbi 

Tokyo Marine 
Tokyo Elec Pw 
Taman PrkittaB 
Torov Ind. 
Tostatn 
Tovolo 
Yamaichl Sec 
a; x HU 

NAM.2S:19M6 


701 7M 
1960 1950 
55m 5640 
1870 1B80 
SB 562 
ess 366 
316 314 

606 502 

1200 1200 
4880 4860 
535 535 

1210 HW 

zrm 2770 

1380 1390 
725 735 

714 714 

2070 mo 
751 766 


U.S. FUTURES 

Vin AnocxXed Frau 

S HW* n Low* 1 Open High Low dose 


Season Season 

man low 


Ooen Util Law Close Ow OrK W 


Season Semen 
HU» Low 


costs by reducing staff, making 
new projects more economical. 
Employment in the U.S. oil in- 
dustry has fallen by more than 
half in 12 years, from 920.000 to 
450,000, and oil companies are 
learning to contract for services 
that others can perform more 4* 
economically. " 

Lower costs and new discov- 
eries also have allowed the 
North Sea to sharply increase 
its daily output by about 
900,000 barrels, to 4.7 milliorL 
this year. 


Open Hah Low Oose Oip OpJnt 


tiy-ltl 3- 


dose Qv Op W 


Groins 




1600 

ms Ain 

1342 






407 

-081% ASM 

IS U 

1253 Sep 95 


198W 

il*WAViy« 367%. 

aw** 

JL79V, 

360 

-00156 

uo 

I6D 

1290 Dec 95 

IJBI) 

UM 



368 

X«v, 

366'A ‘000% 15,180 

1674 

1350 Mar *6 

I486 

365 

U9 

5if>95 X51 

33*. 

151 

3J1 


193 

1M2 

1235 May 96 


3J5 

36* 

Dec 95 362 

343 

360'% 

J60'%— 801ft 

290 

1505 

1410 Jul 96 


3.74 

3J* 

«ta® 



173 

-OBI 

5 

1531 

1445Seo96 

1440 

3J»i 

125 

JW96 



364 

-OOI 

II 

ESI. safes 

9,177 Tue'S. mas 


1328 I IIJS Mar 96 1301 1312 1305 

1320 11. IB Mov 96 1100 1100 1100 

1275 II, 20 TulW 

1250 110000 96 1240 1240 1240 

Esi.Mrtw 1Q.74J Tue'isdes L309 
Tue-sopon lr* i sojo alt B5B 
COCOA (HCSE1 lOrviwr^ mm- ,pgr rap 
1605 1077 Mar 9$ 1303 1330 1206 

1612 1078 Mav 95 1324 1342 1304 

1600 ms Ain 1347 1364 1326 

1560 12S3S0P9S 1350 133Q 13® 

16D >290 Dec 9| 1300 13* 1380 

1676 1150MDT46 1404 140* 1404 


S-E Banker AF 
Skandta F 
Skonska BF 
SKFBF 
SloraAF 
Trrllrtwra BF 
Volvo BF 


Sydney 

940 920 
AN? 421 4.14 

BHP 2U6 19J2 

Boro) 346 347 

Bowatavliie <m 040 

Coles Mver 447 445 

Camdca 5.16 5HS 

CRA 18.16 17JB3 

CSR 4JS5 450 

Fosters Brew 1.17 1.15 

Goadmcn Fielfl 1.J7 1.19 

ICI Australia I OK 10.80 

Maaellan 1£5 123 

MIM 227 221 

Nat Aust Bonk 1052 1046 

News Carp am *ss 

N Broken Hill 3/W 33$ 

PceDunlon 330 34* 

Pkneer Inn 327 325 

NmndV PnaeMcm 120 1.93 

PuDIbhs Brdcsto 322 340 

OCT Resources 142 140 

Santas 343 344 

TNT ID 2.12 

Western AVnina 742 742 

WVstnoc Banking 446 433 

Woodside 485 475 

^sssmisr- 1 ”^ 


Madrid 


TrocWxH 
UCB 

Union Min (ere 
Wagons LHs 


Frankfurt 

AEG ISt 151-20 

SKSSd 

Altana S SI 

Asko 70S 720 

BASF 31831740 

mm? 3614035940 

Bay. Hypo Dank 4064014S 
Bay VoretasUc 

BHFBtek 
BMW 77150 773 

bMVtWttank 
Cerlinentoi 
Daimler Bom 


Johannesburg 

AECI 2950 2850 

Aitedi I4A. 96 

AKOfnAmer 23623349 
Bwlowi 35JD 36 

BuHMs 36 37.75 

DeBoers .94 94 

orteonteln 6025 M 

Goncor 1435 1448 

GFSA 124 125 

Harmony 39 39 

Hteneid Steel « 40 

Kloat SMS 5875 

NodbankGi-P « OM 

Randtaniein 45J0 4525 i 

Riraclat 1IB IP 

SA Brews *150 9i i 

Sosol 33 32.75 I 

Western Deep itf 162 i 

583246 




CEPSA 

Draoodos 

Endesa 

Ercnw 

iDerdiota 

Repsal 

Tafiacaiera 

Teietanlco 


3240 3260 
3100 3135 
5020 50t0 
915 928 

3200 3300 
1875 19X1 
5520 5480 
123 129 

ora an 
3SQ 3595 
3580 3M0 
1510 1490 
facSIVt 


«SD M0 
381 £9 

TTtSB 773 


76977240 

DeSUXM 46443750 

DtBttcoCk »240 201-50 

OeutKfieaank 73U0 73* 
Dougin 44163450 

Dresdrwr Bonk 40470 *D5 

FeWmuetue _ 312 310 

F Krwpp HofPCt) n* ?10 
Hamenef 

nu 

Hoecfis* 

Habmam 
Horton 
IWKA 

kSSS 1 48150 482 

KHD I2I4OI20JO 

KgejknerwerxeiTAM 

MAN 0 "* g 3 

M Bimesmann 452 421 
■ bbliuvull 1351 


330 331 
55955950 
920 911 
332 330 
860 850 
209 209 
345 346 
19519158 
*75056450 
48150 482 
12140 12050 


London 

AbbwNori 4 32 434 

Allied Lyons 5X3 M3 

■Aria Wiggins 440 440 

Argyll Group 246 251 

AM Brit Foods 550 550 

BAA 476 471 

BAe 4J5 430 

Bank Scotland 414 259 

Barden 6.15 6.12 

Bass 5.18 5.U 

BAT 440 443 

BET 152 152 

Blue Qrcte 493 2.93 

BOC Group 7.15 7.14 

Baals 555 498 

Bovwrter 432 429 

BP 00 429 

Bril Airways 3M 135 

Bril Gas 114 no 

Brir Sleet 156 1 56 

Bril Telecom 354 351 


Aiieanca 
AssIfRIte 
I Autostrada nnv 
BcoAerlcstteP 
BcnCommer Ual 
Bed Nor Lovwo 
Bca Poo Novara 
Bancadl Rama 
BeoAmd r cstonc 
BaNaPonrtSP 

Cnsdtta ltpliam 
Enldwm Aug 

Flat spa 
FlnanzAgretad 
Finmeccanica 
Fondtar jc sue 
Generali AsSte 

ItaKementl 



BTH 

Cable wire 


497 4» 

358 355 


MuencD Ruet* 

Pwscne 

Preussaa 


680 6M 
44844950 
2355023450 
43650 4H 
275 774 


Cadbury Sdi 43* 428 

Caradan 153 458 

Coats viyeiia L8f 1J6 

Comm Union i.15 5.15 

CourtouWb 459 452 

ECC Group 471 352 

Enterprise Oil 194 371 

Eurotunnel 258 455 

Fbans 159 i.il 


Pirelli sm 
RAS 

Rlnascente 
San Paolo Torino 

slp -. 

SME ^ 

Sniabod 
Stando 
Stef 

TaraAssic 

earss :ww 

Montreal 

Alee Ltd l U® 15 
Bonk Montreal 369% 26*% 
BCE Mobile Com 4346 4346 


Matra-Hochettc 

MidteiiiB 

Moulinex 

Par Ojas 

Pcctnnev ln!l 

PernoO-Rtcca-fi 

rvunnaf 

Ptaautf Print 

Rodtatoamtaue 

Renault 

RDfOUlCIKA 

Raff . SL Louts 

Sanofl 

Saint Gabafn 
S.E.B. 

Ste Generate 
sura 

TlxxnsixyCSF 

Total 

UAF- 

Valeo 

CAO40 Index : i: 
previous: BBS 


SB0 Paulo 

Banco do Brasil 1401 1550 

Banespa n tOM 

sradesco 675 650 

Brarmra 36951 246 

Crnihl TWO 7332 

Eterobras 280 2SS 

Haubanca 235 226. 

Light 299 298 

Poranapanema 1355 04, 

Petrabras 10250 102 

Souza Crus a* 6Jo 

Telttras 36^ 3SJS 

Telesn » 3*0 

Usiminas^ 1.J7 i.isi 

ssw5Wrs# ,wo 


Singapore 

1 - 1750 rare 

» IIS 

?a» »» 
438 448 
JS <55. 
1SJ0 U50 

’sks 

1LM IW 
173 JJ5 
1270 1440 
277 U8 
ITS 

1550 1140 

Onion Ent 845 «.» 
[Sembowm ,1! 

aime Singapore 153 154 


116 S5S 
18.16 17JB3 
455 450 
1.17 1.15 
1.17 1.19 
I0JC 1080 
155 153 
277 221 
1052 10M 
sm 437 
3A0 439 
030 444 
327 325 


1.42 140 
043 444 
2.13 2.12 


Tokyo 

Ahol Elecfr 459 434 

AsaW Chemical 758 749 

AsahlGkm 1230 
■Bank ei Tokyo is*t 1330 
Brwcesinne is*9 sssc 
Conan i7ig ino 

Cwste 12£8 1270 

Dal Nippon Print 1700 1680 
Dahw House U10 1410 
Daimi Seairftlra ICO vmq 
F anuc 
Full Bank 
Full Photo 
Fuiltsu 

Hitachi 
Hitachi CaWe 
Honda 
HoVakaOe 
IMciw 

Jopan Airlines 
Kallma 

: Kansal Power 
Kawasaki Steel 
Kirin Brewery 
Komatsu 
Kubota 

Kyocera .. 

Motel Elec tads 1610 1600 
44otW EtecWks I0H 1 m 



S 2180 

Su 23m 

iSo 1010 

987 984 

1770 1783 
5290 5320 
720 716 
706 
860 
2380 2390 
412 408 
1100 1100 

87 8? 

7420 7390 


Mitsubishi Bk 
1 (WteSaiemieoi 
WUtiutjJsW Elec 
Mitsubishi Hev 


2430 2470 
546 S*» 
a 5 704 

730 7S3 

MltsuWsW Cora 1300 U00 


Toronto 

AMtM Price 
AtrConoda 
Alberta Energy 
Alcan Akimtauirv 
Amer Garrick 
Avcnar 

Bk NO»tt Scotia 
BCE 

BCTbleocmm 
Batn&arcDer B 
Bramalea 
Brascan A 
Camera 
ClBC 

Cdn Natural Res 

SESSST* 

Cascades Pa»er 

Comtacn 
C unsym ers Gas 
Oafasco 
Doom ind B 
Du Pori Cda A 
Echo Bav Mines 
Empire Ca A 
Falconbriage 
Fletcher atoll A 
Franca Nevada 
Guardian Can A 
Htmlo GoW 
Horsham 
Imperial CHI 
Inca 

ipl energy 
UPAaw A 
LakNaw B 
Laews n Group 
London lasur Go 
MOCmlil BlOedol 
Manna inti A 
Maoie Leal Fds 
Moore 

Newtjridae Netw 
Noronda lac 
i Noronda Forest 
NarcenElWW 
I Nthern Telecom 
Nova 
: Ones 

PdtroCmioaa 
PlorarDome 
Potash Corn Sask 
Pravlge 
PWA 

Queeeotr Print 
, Retmtssanc* Enr 

RlaAtaom 
Seagram Co 
StaneConsoM 
TaUsnxn Eriy 
Tolestod* 

Telus 
Thomson 
TorOom Bank 
Tramwta 
TransGda Pipe 
Utd Dominion 
UldWtetta/me 
WeslaMHl Env 
Wester 

Xerox Canada B 

Zurich 

Adla Inti B 218 218 

Alusufcsse 0 now 663 667 

BBCBrwn BtwB 1123 1142 

OtaGaMyB m 7W 

CS Hold Iran B 564 570 

ElefcfrawB 3S4 455 


Est sales 10.000 Toe's, sates 1MM 

Tuo'sopenint 67.175 oH MB 

WHEAT (KBOT) vMbuiMnwn iMnM'biiilcl 

47TJ. 42S A*W95 408t% 4JP^ 406 406M-JB01* 51.535 

403 431 VjMav’i 487V. X67V. 185 4a&^-OA0'4 4009 

448'* llt^Juin 153 355 357V. 353'A -fcOl 54W 

177 179 Sep 9S 356*1 157<% 355V: lS5iS-ft0T 107 

4WV. 19 Dec 95 164 IMS 1421% 142W 85 

EA sales HA. Toe's sckn 4AB0 

Tue’sanenim 415*0 up io»« 

CORN ICBOT? unevraMmnkOBmnfkfM 

120V, Mor95 7.3} U, 2J4 2J2V. IJS3'» MJfl7V.lM.244 

255 UB May 95 140V% Ul% 2«0’« 241 MLOOVi 525U 

1«V» 25}V] Ail VS 1451% 146%, 345 246 * 0-0QV1 

2J0V, UB 5ep95 34» 24* 248 E3te *O00S 5.507 

IBVj 249 Dec *5 2JWi ISI’v Z30Y, ZSI 33.7SJ 

160'* 149hMa'96 257%> 258 157V, 357^—100^ 1815 

16014 2-60 May 76 247 6 

247 255V, AH 96 245 245 244 24451—000’.*, 1.160 

243 2JSVrDec9* 254 251 UJ'l 253% — 050*4 (0t 

§59. safes 45400 rue's, sales 75.780 
Tuc'sooenmt 270.926 up 151Z7 
SOYBEANS (CBOTI 

7.04 SJ7’-JWl95 545S. 566V, gM S41»-404 2J.17* 

7DS 54711 Mar 95 5.77 577 >4 171 572-4-11069, 2584 

7.05V! 55» Mav95 5A5 586 540V. 5 81 -0049,21.583 

7.04V, 543V:Jul95 5W'v 591 W 586 Stela -0.06 28.2*5 

AI7 S46 , '>6ua*5 5.931% Ltd 5JW S« -0.04 *y 2.261 

6.15 5.71 >p « 5.94 5*1 W 189 549 v,-O.05Vj 1,996 

4J0'y STSWNdvSS 441 10IW SNU 1 WlS-BJMV. 11277 

6 16 5.95 Jonte 4.06V. 4.W-, 443 403 -056*1 155 

617 603 V, Mor 94 MOV, -AM 35 

MB 699V: AH *4 620 620 61B’Y 4l8V,-a01Vy 74 

607 594 Nav96 604", 60S’! 601*5 601“,— 003 171 

Es tates 31000 Tin'S sates 24.900 
Tub's ooen W 135.655 up 1720 
SOYBEAN MEAL t CBOTI WW- &XmurK*, 

207 JO 15540 Jon 95 159 JO IS* JO 15BJ0 15190 —0.10 12J22 

30740 15* JO MW 95 1*200 143 JO 16140 141.90 36JB5 

307.00 1*3-50 May 95 1*5.00 145J0 16440 165J0 >050 17.905 

" “ ‘ “ ' " OSJ 13408 


20*00 1*840 Jul *5 1W-Q0 169.60 16170 1*940 


10250 1J050AU0VS m.OO I7L00 17100 17100 -W 3 JOT 


10270 1 7250 SCO 95 17130 171*0 17200 17270 *B.» 2,022 

181 M 174.0000 *S 175.83 17570 I74M 17120 *1.80 5.499 

18520 17650 De« 93 177.10 17840 177 JO 17840 *1J0 4.158 

1BIJ0 180.00 Jan96 17910 179.10 17+40 179.10 *040 10 

EsL sales NA Tue*6 5ot« 21251 
Tue'sopenW TlWa^UP 2109 
SOtWANOU. (C&OT1 ouiaaiH-annaGr tore* 

29.40 22.45 Jon 95 77.50 29 A5 29.05 29-31 -008 25,933 

38 J0 2291 MOT 95 3BJB 28-50 27.90 28.00 -0J* 63490 

28 JM Z2.B5Mav9S 27.07 27.15 2660 2666 -0J7 >1.150 

2785 29.76 Jul 95 2445 2645 25.90 2190 -041 11JP6 

21 JO XL73AUB95 35.98 2600 2150 3153 -037 2471 

25.10 22J55eP9S 2555 3540 75.15 25.18 -032 7441 

25JS 2JL7JOCTW 2S3S Z US 2495 7500 -032 4.161 

2505 Z6JSDeC*5 25.00 2506 2660 7448 — OJ6 5417 

W-5 0 23J5 Jon9A 2485 2685 2620 2670 — 0J0 80 

Esf.Wfes 30000 Toe's. 40te 29.983 
Tub’s open Int 117,199 up 5592 


Livestock 



CATTLE (OUStt anh.GMiW* 

7625 6647 Fep 95 71 JO 71.53 71.15 71 JB 

75.10 67J7APT95 7Z15 72.17 71.70 7125 

»JD *600 JUT 95 1647 4670 4647 6667 

MID 6tS0Aug« MM 6147 64JJ 6US 

4745 13.100(3 *S 6655 MAO 4640 MJO 

14J5 4345 Dec PJ 41 JO 6530 45.17 45.17 

Feb 94 6610 66.20 66.10 4610 

Est soles 62K Toe’s, sotos I24S5 

M.95 71^1 An 95 7600 7620 7545 75.90 

80JS 7al5Mnr95 74J» 7645 73JS 7387 

7690 69«AOr95 72.95 7300 7745 7243 

7630 6tjaMOV9S 7180 2180 71J0 7185 

7MS 49^ AW 95 7135 71.77 TIM TIM 

TflJO 48.750(395 7M0 70.90 71180 7660 


MNlVlcmfCo 
Mtui Marine 
MHwkmhl 
Mitsumi 
NEC 


847 844 

73 750 

1050 1040 
1420 1430 
ll» 1150 


584 

354 355 

1590 
J5J0 
716 
800 804 
490 490 


NGKlnsuHfon 1000 990 

Nlkko Securities 11W 11W 

Nippon Kaaaku 970 m 

Nippon DR 667 443 

HlPtm Steel 377 374 

N ippon Yusen 

Olympus Optical 1K0 1 
Pioneer 

Rlcen _ _ 

Sonya Elec ,570 

Sharp 1740 1790 


FhcherB 
imomaamnl S 
JQKTKUI B 
LondlaCyrR 
MoevenmckB 490 

Nestle R ISM 

Oar l Ik. Buehrie R TOUOJO 
Por pe so Hid & 1470 1400 

ROCK Hdg PC <350 6390 

Spiro Republic 
Sendu B 

Scnihdier B 7420 

fuberPC os . 

Surveillance B 1615 1 

SwfMBnk CorpB 364 

SMWRelnsurR 793 ... 

3wMa1r R 775 783 

UBSB 1IU 1124 

Winterthur B 700 <04 

. Zurich A8SB 1259 1246 




SB® 4PJ0NWK »BS 

71.40 49 00 Sep 96 7080 

Bl, jotes Ufffl Tue'v sates 1A30 
Tue'iOMnim 9452 UP 278 
HOGS (CMHRI AMei-iPAn'k 
Si 1 jSoFril95 30.95 394a JUS JM7 

Sta 3505 Apr 95 DBAS 3935 3065 »-» 

Sj5iun« MJB 4635 «.« M 

4S.W 4045 Jul W 4175 4610 4340 4U0 

uS 4OJ0AUP9 S 4345 4360 OJC 4340 

SS 38300095 41 50 41 J8 41.15 4140 

JdS 39J0DCC9S 42.50 0.M CJj 4L5S 

31 JO FeO 96 4140 4145 43X OJO 

Apr 96 4120 

E«. safes 5J7B ^L5«« 1164 

Tue'soaeniri * 

pasKBELUES (flMERI ejett-'miiivk 

SS^ KisFetjvs 2-65 M M ax 

KfflflS-W 3/M MIS »M 4047 

Sis 3690Mar95 4140 II* 41JH 4145 

lug 41.90 4260 41. W 42J0 

SS 39J0Feb? *-*5 4800 OM 

5990 3?J0Mar96 ... 4670 

&TWs if* i 

Tge'iqiwi Inf 9.W Ml let 


gs5r«”!:ts sis I™ 

R3 SS 


mso 1 51 15 Mar 94 

v m asr 
i 1 IS 

1600 10J70C*« 1385 Ii4t IZJO 


—A 12 32,732 
—OJ5 23-830 

-007 JJC 
—003 1 Mi 
-ora Jir 
+ 0.03 7 


2,724 
—0.05 3.77* 
—OJff 1307 
—0.17 V& 
-US 379 
—o-io ss 
-aio 9 
-d .10 n 


+ 057 I6S4* 
+045 8419 1 
+ft!3 5.245 
+0.1S 1.197 

♦ OIS 1-6J7 
+ 0.25 1.2S1 

• 0.10 428 

62 

-035 1 


1 OTU 6947 
+ 167 1.544 
■ 080 140 

■n» jm 

•035 7k, 

■0® 71 

9 


•in 16316 
•715 7,432 
•196 1.738 

* 7.05 7J78 
* 1.8S 7.776 

095 S4 

• oja » 


-OM90A06 
— 0.1 B 37rMQ 
-4 16 74.49Q 
-0 17 3/ 464 


Tue'sapaibn 763*7 up 5 

ORANGE JUICE INCTN) l£4HO».-ognMnrB. 
13100 89® Jan 95 11145 11X25 106.00 10005 

17635 9100 Mar 95 11640 11 7 JO WM 11155 

12650 97J»Mav 95 119A5 12050 11600 11600 

1W.00 10050 Jul 95 173.00 17100 1Z3J» 119JB 

13100 IU7j5Sep9S (2650 12675 12175 121 J5 

129 00 109 DO NOV 95 120J5 

17930 10530 Mm 96 17335 

13020 12625 Mo* 96 12175 

>2600 12j. OO May 9* 12550 

Es. soles 6000 Tue's.wtes 5Mt 
Tue's Open tel 77557 aH 470 

Metals 

HI GRADE COFFER (NCMXJ umt-.-cMiwD. 

140.00 75J50ecB4 ID.® 139.10 137 JO 13035 

139.80 7# 90 Jan 95 1 37 JO 13050 137 JO 138.70 

117.50 73.00 Feb 95 137 JO 13890 137.70 13850 

(37.20 73.00 Mor 95 I35J0 I38J0 135 JO 137.90 

132JD 91.10 APT 95 133.90 

III JO ■■aMMartt I79M 13 1 JO I29M 131 JB 

17600 18610 Jun 9S 128J0 

I75J0 7HJ»Ari9S 12650 17SJ0 J34JC 175.-5 

12000 Ill®Aua95 12185 

13189 79.10 5eo94 12000 12000 12000 13000 

115J0 IH030d95 11000 

11575 B8JnDec95 H600 114J0 11680 11608 

11130 BS.SQJanK 11155 

11130 62.70IUUF94 110 75 

109.50 1B9M 

107 JO 105.jf‘ Jul 9* 10075 

1 OS-35 105JS5er-U* 10BJ5 

11395 1119SNav9i 116U 

; EM. i ate5 7J00 Tue's, Kites 2 JOS 
Tue'e aacnlitf 50J43 off U* 

SILVER (NCMX1 SJWOnovn.- CMNrMirai 
5*7.0 mOD«:9J «SI.O mM 479JI 4804 

574-5 Wiajonys moo 4865 41U 4804 

477.0 4718F«b*5 0193 

(060 44.9Mar95 4865 4965 482J 4910 

4065 41* Jl May 95 491.0 3HJj 4885 *79.1 

*10-0 4300 MTS 497 J 305 497.0 505. 0 

4035 477JSeo9S SWA 9J4J0 504J1 S12J 

4200 45 DDK 95 5160 SJ4J 5110 522J 

6100 5160 Jon 94 EH.l 

6210 4900 Mar 96 5165 5355 5255 533.2 

599J7 499JJMOV96 545 

6000 520 0 Jul 96 547.7 

5J4JI 5360504 9» 5549 

Est. uses 11000 Toe's, sales 2444 

Tun s corn tel 133J77 oH 300 
PLATINUM (NMER) Rn,oi.do*teH,m<6 
«650 J[4 80 JonOS 41780 41000 41680 41780 

4J9.0O 39600 torn 47030 4J2A0 41950 422 10 

43980 40950 >H 95 42580 427 JO 47100 42620 

+41-30 411000a »5 4».» 

43950 420808X196 43610 

Bt.ufes 4A24 Tub's soles 3545 

TUB'S OPinfnt 26481 Off Ilf 

GOLD l NCMXJ Mlrt,R.-9Pvin,iro,H. 

42450 34280 Dec M 332.10 33280 XB.10 38170 

38380 37950 Jan 95 38180 

41180 3619 Fee 95 38340 38190 ROOD 3*5.30 

41780 34680 Aor 95 387.70 39080 3B7J0 389 JO 

43650 J*U0Jun*5 397 JO 39350 39140 39650 

41650 SftSOAuBK 39630 39850 2*850 J96W 

419.20 401800a n 40260 

a*m J9*5flDec« *9600 .«w» JOtflO 40780 

474.50 «460FeO96 412.10 

«»39 4JJJ0AIT96 . 414.90 

111 JO 41100 Jun 94 42180 

Aus9fl 424 50 

ESI.uBM U800 Tup’s, tales 6497 
Tup's aaenlnr 1/9399 off 442 


fnnandal 


UST.BILLS (CMeiU unMm-muimaa. 

I 9610 92,14Dec94 9118 1 

958S 91 13 Mar 9S *9.43 9144 93.41 9147 —083 15,177 

*4-24 9255 Jun *5 92.73 92.74 97.67 V2J7 -088 3^73 

*?J7 _ 9SJSSM9S 92.41 9241 MJ5 92 J4 -084 736 

ESI. sates 2.534 Tlte-S. SO)C5 All 
I Tup's open W 19JS4 aH 74+ 
iWLTREASVRt' (CBOTI HKLOMonr. snlmsu Wra 
. 103*09 99-15 NKX93CM85 100-115 1 0WNS 100-W*- 045 181 543 

708-01 9MB Jun 95 99+10- 045 282 

99-05 99-07 Sep 95 99-705- 049 

Ejj. sales &.m Toe's, sates 15,141 
Tuciaoenhy 704.985 OP 1718 

It YR. TREASURY IC8033 tifllJlgnn-mSMd MBm 
111-07 98-11 Mar 95100+14 100-20 100-04 100-05- 11 257,198 

105*77 97-77 Jun9S 100-0} 100-05 ff-Zl 99-14- ]1 ft. 568 

101-06 97-11 5g*9S 99-17- 11 179 

110-31 96-30 Dec *5 99-12 - 11 35 

99-03 9B-7B Marti 99-11 — II 1 

Est. sates 40800 Tue’6 sales 16768 
rue's open try mjMU uo 783 

V?T5E*W Y «W“JCW>T1 <iKS-tiH8BfeMs6]avHain»acn 

114- M 95-13 Mar 95(00-20 100-23 «y-n 99-24-* 19 MB431 

115- 19 94-27 Jun 95 100-08 10D-12 99-13 99-13 - K 1LS» 

1)3-75 94-10 SooM 100-02 UX>-t7 99-06 99+04 - 77 963 

113-14 93-27 DcC»5 99-24 99-74 W-01 99-01- 76 315 

114416 93- 1 J Mar 96 W-37 — 25 73 

WO-IO 93-D6 Jun 96 98-21 — 24 77 

*8-14 91-05 5ep*6 9»-)4 - 23 33 

„ , KlW 78-0' — 27 l I 

Esl. tain 1654100 Tgc* s . sates 132.S05 

Tpe sopcnlnt 3*I8» Bit 968 I 

MMOPALBOndS l CBOTI iiaflo>i«*»-v»«Aswaieiaa6<i 1 

*477 n.a MatwS-n 86417 85-10 8S-11 - 22 29J19 

14-13 83-25 Jun 95 85-02 86-02 84-20 14-10 — 19 10 

EsI. safes 3.BB Tim's, jam 7AJ7 
Tun's open tn, J7J29 up 141 
eVHOOOUAKS ICMERJ I,mjkte-<m««fl>Ber 

Slf8'! tor,s 2«o mot 92.770 93790 — JD487.0T7 

94 90-T 5Jun*5 92.080 9X1W 92810 nax -5D34UN 

W5W *1 J1B5eo9S 91718 91.790 91700 91.732 -30785.191 

94780 91 180 DaC 95 VliJQ 91 J80 91790 9IJ10 -10208.027 

94S0 M750MOT94 9IJS0 91600 9IA00 91AIQ -1017628} 


-4107 6817 93.100 91 AIO A*1 « 9IJ30 9IJ7B 91A78 9UB0 —20134^73 

-all 24197 91570 teJMSopW 917*0 91830 91-720 91J4D —3011X939 

-all IJ34 ri-820 «J7DOec86 91300 91JU0 71330 91740 —30 06693 

♦ 005 119 ESI. sales 302,107 Tue'v rates 171J52 

Tub's open Int 2A10.H0 oft 6803 
BRITISH POUND (CMER) SmmounA. lpeM comb 108001 
. - J^SS ]-««Mar95 1-5476 1- SfflO 1 JC4 I -5750 +298 5BJ27 

+ I4 3SJ60 IMU 0 l-S343Ate» IJ4SI 1-5780 IJ440 TJ7S0 +218 511 

HI II 727 1-5620 1J600S8PK 1J750 +290 4 

+9 7,044 Est. sales 19JKI Tub's, Mte* 1JT7 
+7 2A38 TUe'SQpcnM 56649 alt 1393 

+10 4J39 CANADIAN DOLLAR KMER) Spar Or- ! K*n moocts OLOom 
+ 11 6740 07605 07020 Mar 95 07130 07130 07110 87121 —12 4640} 

-2 4J40 07522 0J990JIXI9S 0JW8 0JHM 070*0 07098 —17 U34 

—4 2760 07438 (UMSSOP95 07IIM OKS 07073 070» -00 U42 

—7 4Z7 a/«0 07840 Dec 95 07075 07075 OJ1KO 07062 —23 158 

07335 07075 Mcrtt 07D58 UJW5B 07055 07847 —23 JO 

EsLstfles 3A04 Tub's. sMes 1,199 
Tue'iopenrrf JIJV uo 30 

-400 ,5-564 GSWANMARK (CMER) s per mert- hqm »«« saouoi 
-08D 13,904 0J745 O5S70Mnr9S 06355 0.6270 06349 06497 +J37 72,161 

—030 2,149 06747 OJ9B0Jun95 06197 (L6S3S 06397 06526 +138 IJOt 

-030 1444 06740 06347 SOP 95 06414 OHMS 06416 06556 +138 VS& 

c- — 06600 06600 06600 06613 +139 20 

— 265 Esl. sates I4JZ4 Tue's.scJes 3,150 

— 2.15 Toe's «*enW 74.147 up 172 

— 7-15 JAPANESE YEN (CMER) lpcrvOT-lualriteaiMt>1ELQH)0Dl 

—1-40 ftMnS4oanpw«wior noviootsDjnojooojiumsojiio'iis + 11771.1*6 

QJ1067tag09776Jun95 04110178001105000101730010395 +118 3763 
0j01877SU102005ep 95 0010310001031000)0310001009 *131 327 

0-01 076IP .cn 04 1 3>c 95 0010563 +122 IX 

’ ,,n 38 

Tiw'siteenw 

+1.15 1,139 SWISS FRANC (OieR) SMrMnc-ipaHeauahtewn 
*!5 8f,S £££'**■« 0J5 » 077 50 07 01 07713 +160 37771 

+ 1.90 027 08165 071 93 Jun 95 07607 07800 07392 07767 +163 623 

+2AS39AIQ 0815$ 07610 Seo 95 07836 *166 54 

*5-3° Si 15,964 Tub's. tales 3679 

+ 1.93 4700 Tub's ooanlrt 3 off 183 

♦ 170 - — — — — 

:}§ 1430 Industrials 

*!-2S CCrnUNJ mcno 5O0U«a.-tanNMrei 

*>■« S-55 64J0MOT95 B87B B98S 8878 »A0 -02Q 3Jy« 

-0.75 99.90 64.00 MOv 95 0862 8965 8862 89.07 -038 0393 

‘ J75 88.10 69-30 JU 95 87 JB 87.85 87 JD BJJ0 ^0.0 OfflO 

•075 76JB 66800095 7665 77.00 7675 76.9} Tna iaS 

‘nil S-S2SES 7uu riff +004 a3ra 

+07S 7400 73.10SSS-96 n ' iU Sw Tom 1,8 

HEATING OIL (NMSU tEOOOod- arte MTM 

♦ 83 ™ 518 SS SJS 5S 

: SZ S5S7S6 S StS SS H 

♦ 107 9699 SS «J0Aub 95 «3o mS 4?S 5066 1 064 

:« ,M " 58 %%%% " ^ 3S a 

^8 SSKS ill :«2 mn 

i3 B B 

+ lta iT 37 J 0 

** mriiin 

B 1SS ffiBk is i?| if" fit? :8:8^ 

S ill i ifl i S 

Is ifisS ™ ^ ™ tiisfe 

:£g , * ni 55 CjfSSPff «■ ,MS « 4S"" 

:S if If |p? ,4JS ™ g *?.«« 

-2«) M 1760 Och {J” +0.1? 

EK.sotes 75^9 Tup's. sales 4SJS1 -ojn 

UNL 

H §31 as sT& is 

. SS S82r,?gfg ss g H 

-atH 15,27? 5870 «JoSEy« S4M frS 5f5! *®- 74 

-MB 3675 SU0 aSK MJS «aS +0 - M W® 1 

-WM « 57.94 S160JW9J 835 “* S5 ’0.16 1JM 

5435 5030 Sea 9j £■“ *W* - - 

51 JO Oct 95 JM* +016 

SSJB 5065 Now 95 +0.16 

045 183.543 5475 5070 Dec 95 S’JJ *0.14 

K| ® gX* 53.00 Aug *4 S18H 54M !aM S2 

lug's open W 57678 OH 1 44 

^1° 357.198 Stock Indexes 

SHIP ma sans 

rvHCtatatn 471,0 10 

» m «to8 Sj8ssr,f 2516S ^ 

1 I ■» « - s ” , 


+1.15 1,139 
♦I JO 2JS7 
+ 190 827 

‘US 39610 
+13D 941 

+ I.9J 4J0O 

♦ 170 

‘JJS 3630 

♦ 1J0 
+ UJ0 

+ 1-B0 
-0.75 
*025 
•075 
+075 
-075 
♦075 
-US 


‘705 27 

+ 103 304 

-103 

• 103 74J96 
+104 10.8SS 
*105 7679 

• 107 9699 
-MLB 15683 
-108 
-109 
-11J) 

• 11J 

+ JIJ 


‘110 3700 
‘378 17784 
-3.70 UK4 
-370 879 

*170 


+178 S3 

*2-00 

■I’M 87,147 
-2J» 14JH 
• 188 31,314 
•Iffl 12.900 
+ 300 

•m nisi 

-3.00 

>:jo 
•2 jo 
-too 
.100 


— 039 0393 
-0*3 8680 
-0JD 1618 
+004 8682 
-012 110 
+020 


+086 18623 
-074 447® 
+064 26644 
-039 J114T 
+ OSi 0057 
+049 7796 
-064 7631 
+044 3J93 
+044 2660 


• 015100075 
+017 58663 

+017 21 J74 

-ora row 
-018 3660 
+078 12674 
-019 10,177 
*019 14657 
+019 7634 
*019 8,174 
♦019 1UO 
*019 8763 
+8.19 1383 
+0.19 
*0.19 
-019 

+U9 ii«n 
+ 0.19 
—001 


*062 8,172 
+073 30600 
+0J0 9 /» 
* 0.16 9 JU6 
+016 5J0I 
-016 lj3M 
+018 - - 
+016 
♦016 
+014 
+016 
+016 


-JJWBUtf 
—UO 760 
— 165 1150 
-165 19 


—490 3 

—090 3681 
-090 W 
—490 37 


Commodity Indexes 

MWdvn . OfW 

fteutprs 

DJ. Futures 

Com. Research gj§} 


f. % 




; . • .> *'S 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 


Page 11 


• -11! /- 


’ --T 


Portugal Plant 
Loses Appeal 
At VW andFord 


Unfriendly Skies in 1995 

Away From Atlantic, Fares Apt to Rise 


“ >Hu Vlh 


■* - • *. . 1 -«aa-. 


- -7 ' • -S 






.?>■ o! 




^5*2^. 


■ -i : 


BOTKIN — Cost and profit 
forests for a huge plant be- 
ing budt by Volkswagen AG 
and Ford Motor Co. to make 
numvans in Portugal no longer 
up Volkswagen said 
Wednesday. 

“New calculations with a 
hard -edged pencil axe needed 
because of changes in costs," a 
VW spokesman said, broadly 
confirming a report in the Ger- 
man daily Frankfurter Allee- 
meme Zeitung. • 

TOe VW supervisory board 
on Dec. 2 had called f or a re- 
view of its commitment to the 
three-year-old project due to 
unfavorable foreign ex chang e 
factors and a strengthening of 
competition.” 

Unfavorable exchange rates 
have added to financial charges 
since some of the financing for 
the project was raised in Deut- 
sche marks, and the German 
currency has strengthened, in- 
creasing the repayment costs. 

“The market has developed 
differently from the way we had 
«pected,_ the spokesman said. 
“In addition, more competitors 
than expected have entered the 
narrow market.” 

The Ge rman daily reported 
that VW and Ford had planned 
to produce up to 180,000 vehi- 
cles by 1997 at Palmda, south of 
Lisbon. But the entire market in 
Western Europe has absorbed 
only 135,000 such vehicles in the 
first 10 months of 1994 and 
132,000 dining the whole of 
1993, the newspaper said. 

“Experts in the sector hold 


SE not be profit- 

able, even .f yw and FoVd cut 
*»sts drastically, unless the mar- 
ket lor the vehicles grows consid- 
craWyr the newspaper said. 

The investment had been cal- 
culated to total 4 billion Deut- 
sche marks fS2J billion t, with a 
third coming in subsidies from 
me Portuguese government or 
European Union. 

The future of the plant ap- 
pears nevertheless to be guaran- 
teed until 2001 because the two 
companies have given a commit- 
ment to build vehicles for seven 
years after the plant is opened. 

VW and Ford have already 
reduced the rate of investment, 
however, and have already sig- 
naled that they will employ only 
3,000 people instead of 5,000, as 
had been expected. (AFP, AFX ) 

■ Deutsche Cites ITT Price 

Deutsche Bank AG con- 
firmed Wednesday it expected 
to pay about $900 million for 
the commercial finance subsid- 
iary of ITT Corp. but added 
that the exact price would not 
be determined until the acquisi- 


LONDON — The world airline industry 
may make its first collective profit in 1995 after 
losmg $16 billion during the last five years. But 
there will still be plenty of problems for indi- 
vidual carriers, industry executives and ana- 
lysts said Wednesday. 

“We're in a period of great change.” said 
DeAnne Julius, chief economist for British 
Airways in London. She cited airline deregula- 
tion in Europe, the restriction of state subsidies 
to European flag-carriers and restructuring for 
cost reduction among U.S. airline companies. 

Average fare levels for the big international 
airlines may rise next year as increased passen- 
ger loads start to soak up the overcapacity that 
has plagued the industry since the late 1980s. 

Analysts predict that as passenger traffic 
worldwide grows an average 6.6 percent a 
year over the next four years, airlines will 
have less incentive to offer discount fares. 

“I think you have to get behind the pub- 
lished air fares and see what will happen with 
actual fares,” said Guy Kekwick, airimes ana- 
lyst at T dinun Brothers in London, who 


“In my opinion there is still too much 
capacity chasing too little traffic,” Mr. 
Mirkka said. “1 would say that trans-Atlantic 
capacity could easily be cut by almost 5 


Allianz 
And Berner 
Forge Ties 


Investor’s Europe 


Frankfurt 

DAX 

2300 


London - 
FTSE 10Q Index 


Paris 

CAC4D 


parent without any problem at tuL 
“There are about 36 earners flying across 


the Atlantic, and that's just too many.” 
American predicted passenger demand in 
1995 would grow around 4 percent in the 


f The availability of the 
deeply discounted tickets is 
really going to start to dry 
up.’ 

Guy Kekwick, analyst at Le hman 
Brothers. 


predicted the fares people really pay would 
rise. “Probably the average fare will improve. 
The availability of the deeply discounted tick- 
ets is really going to start to dry up.” 

But the structural overcapacity, which re- 
sulted from a flurry of new aircraft orders in 
the 1980s, is expected to persist, leading ana- 


lion took place, Reuters report- 
ed from Frankfun. 

“From today’s point of view, 
we expect the purchase price to 
be about 5900 million,” a Deut- 
sche Bank spokesman said. 

The actual price will depend 
on the net worth of the ITT unit 
as well as a calculation for 
goodwill at the time of the 
transaction, which is expected 
to take place in the opening 
months of 1995, according to 
the spokesman. 


lysts to predict price battles in key markets 
next year apart from seasonal promotions. 


next year apart from seasonal promotions. 

The International Air Transport Association 
recently reported that passenger traffic rose 8 


percent in the first nine months of 1994, but 
load factors among its 224 members worldwide 


load factors among its 224 members worldwide 
only increased 2 percent, to 69 percent, com- 
pared with the same period in 1993. 

“I think we are probably looking at another 
two to three years before the capacity overhang 
disappears,” said Ms. Julius at British Airways. 

Hans Mirkka, senior vice president and 
head of European operations at .American 
Airlines, a subsidiary of AMR Corp., said the 
trans-Atlantic market in particular would see 
another year of fierce competition. 


trans-Atlantic market, compared with 8 per- 
cent worldwide and 12 percent to 13 percent 
in the Far East. 

"The fare wars are not over yet,” Mr. 
Mirkka said. “Maybe they will be in 1996, but 
they certainly weren't over this year and they 
won’t be over next year.” 

Meanwhile, American and the other major 
U.S. carriers are also facing a fierce battle in 
their own backyard against low-cost commut- 
er carriers such as Southwest Airlines. 

Earlier this month even Southwest, the 
doyen of low cost airlines, complained of 
price-undercutting by competitors and ad- 
mitted that a recent fare cut had backfired. 

Southwest’s toughest battle has occurred 
on the West Coast of the United States, where 
it is now competing head-to-head with United 
Airlines' new Express shuttle. One analyst 
said that the battle with United is hurting 
Southwest “more than they want to believe,* 
“We are still seeing new carriers in the U.S. 
entering the marketplace, and they are con- 
tinuing to encroach more and more on the 
majors,” said Mr. Mirkka of American Air- 
lines. “But as the majors get their costs down, 
these newcomers will find that all of a sudden 
they are really in a competitive situation." 


Compiled by Otr Staff From Dapatdia 

MUNICH — Allianz AG 
Holding. Europe's largest insur- 
ance company, and Berner AB- 
gemeine Holding AG said 
Wednesday they had concluded 
cooperation talks, paving the 
way for an enhanced equity link. 

The two companies “will co- 
operate cJosely in the areas of 
underwriting and finance,” Al- 
lianz said. 

The insurers said Barter's ad- 
ministrative council agreed to 
register Allianz's indirect 31.5 
percent stake in Berner before 
the end of die year. The shares 
are held by Allianz’s Italian 
subsidiary, Riunione Adriatica 
di Sicurti SpA. Berner ADgo- 
meine is based in Switzerland. 



J A S O li'o 
tfi04 

Exchange . Index 



J a s 
IBM 


A S O N D 
tsw 

ty Prav. % ■ 


Registration of the stake will 
give the Allianz unit full voting 


rights. Previously, Berner had 
limited the voting rights of any 
single shareholder to 5 percent 
A spokesman for Allianz said 
his company was now Berner's 
largest shareholder. He added 
that the company may raise its 
stake further. 

(Bloomberg, AFX) 

■ AMB to Raise AGF Stake 
AMB Aachener & Munchener 
Beteiligungs-AG, the second- 
largest German insurer after Al- 
lianz, said it would raise its stake 
in Assurances Gfcu£rales de 
France to 5 percent, from 257 


Amsterdam 

Brussels 

Frankfurt 

Frankfurt 

Helsinki 
London 
London 
Madrid 
Wfn . 

Parle . ■ ~ 

Stockholm 

Vienna 

zuriefc ‘ 

Sources: Reuters, 


A£X 

Stock Index 
DAX 

FAZ . 

HEX 

financial Times 30 
FTS£ 1QQ 
General index 
MKBTEL.- 
CAC40 


Ctoee 
41441 
7,270 . XT 

swam 

789417 

134&05 

Z&2J3Q 

3 £9SAtt 

283.71 

10104 

1,927.83 

1,84857 


ATX Index 
-5BS 

AFP 


'417.96 -0.75 . 

7,25588 +020 

2,106.15 . +0.14. 
767.02 *0-3S: 

1,838.57 40.52. 

2^70.30 . +0.48 
3.08&40 t QMT. 

■ 2874)1 -1.15 

10260 -1.52 

' 1855.98 -T;44 

1,880.09 -0.73 

t,0S5£8 *0.07 

939.93 -0J>9 ' 

laiemuma) Herald Tnbmnr 


Very briefly: 


• West German industries are skeptical about the strength of the 
economic recovery because of labor costs, taxes and uncertainty 
about exchange rates, according to a research institute poll. 


• A Spanish judge rejected an appeal by the former chairman of 
Banco Espadoi de Credito SA, Mario Conde, against a decision to 
keep him in prison on fraud charges. Banes to is expected to post a 
full-year loss of as much as 12 billion pesetas ($90 million), 
narrowed from 22 billion pesetas in the first half. 


percent, Bloomberg Business 
News reported from Aachen, 


News reported from Aachen, 
Germany. In return, AGF 
promised not to change its 33.55 
percent stake in AMB before 
Dec. 31, 1999. 

The purchase win be made in 
connection with the French gov- 
ernment's privatization of AGF. 


• Nokia Com. said it agreed to sell its aluminum unit to Morgan 
Stanley Capital Partners to concentrate on its telecommunications 
business. It did not disclose the price. 


« Burroughs WeOcome Cos a U.S. subsidiary of Wellcome PLC of 
Britain, said it had won US, clearance to market two new drugs 
for epilepsy and cancer. 


• Euro Disney SCA’s chairman said attendance at its Disneyland 
Paris theme part showed a “si gnifican t" rise in its first quarter, 
ended in December, from a year earlier. Roam, afx 


Norwegians Turn Bullish After No 9 VoteOnEU METALL* After ’94, a Better Year Seems Logical 


Bloomberg Businas News is a small one do minated by The bond rally actually bc- 

OSLO — When Norway re- domestic investors, with only 2 gan before the referendum, with 
jected joining the European percent of the bonds available Norwegian bonds moving up in 
Union last month, bond buyers m the market — valued at 308 anticipation of a “yes” vote on 
gave the thumbs-down gesture billion krona- ($45 million) — joining the EU. 
an unequivocal thumbs-up. held by foreigners. But already the vote has 

The Norwegian economy is The positive result thus is due averted a government crisis that 

booming, the bond market is up mainly to Norway’s strong oil- some had said might occur if a 
and could go hiper still and based economy and tight fiscal slim majority had voted in favor 
investors are heedless of what policy, with the government of the EU, leaving politicians 
now look like false fears that a proposing to cut its deficit by divided and threatening a 
political crisis would soon fol- more than half next year, and to showdown over parliamentary 


The bond rally actually be- 
gan before the referendum, with 
Norwegian bonds moving up in 


Brundtland, a strong supporter es. That move immediately 
of joining the EU, said before quelled fears that investors 


Gontiined from Page 9 


As far as (he company’s fun- “We would have preferred to 


the referendum, held Nov. 28, would read the “no” vote as a 
that she would dissolve Parlia- refusal to accept the fiscal disci- 


raent and call new elections if pline demanded by the Treaty 
anti-EU parlies tried to block on European Union. 

r - u *» n.. nc -- 


apolitical crisis would soon fol- . 

' low if Norway voted “no.” Norwegian investors’ enthusi- ratification of the decision. 


divided and threatening a 
showdown over parliamentary 


ratification of a “yes” vote. The eight-year 95 percent 
.. . . . _ bond erf 2002 now yields 7.87 

After the vote, dwt uncer- dowQ from J 8 j 9 per- 

tamty was lifted, the govern- just before the dectioiT 


SSSMSK - - JSjSJSStfK 

In addition, shortly after the a maturity of more than one 
vote, the government raised tax- year have outperformed all oth- 
er European bond markets in 


The Norwegian bond market asm for that policy. 


Prime Minister Gro Harlem 


NYSE 


dollar terms. 


process — converting fixed as- 
sets to cash to offset loans — is 
somehow being spirited away 
into the pockets of Deutsche 
Bank in a mysterious process. 
Some of it obviously goes into 
repaying debt, but that 
strengthens the balance sheet 
by reducing the liabilities. 

“Having gone so far, I can’t 
really see it failing for the sake 
of 600 million DM” — the 
amount of cash to be raised 
from the write-down and subse- 
quent issue of new shares. 


dame ntal performance goes, keep a company like Buderus, 
analysts agreed with Mr. Neu- which made a profit of 200 mil- 


en that there was reason to lion DM this year,” Mr. Lepper 


be hopeful 


said of the heating-equipment 


and industrial-products unit 

1C Lrtl!. * ^ ^ JUIIC. 


about 15 trillion to 20 trillion 
DM,” Mr. Dupont said. “I 
think they might surprise peo- 
ple." 

Mr. Lepper, the local labor 
representative who by German 
law has a seat on the company’s 
board, also agreed, despite 
some lingering regrets. 


In addition to Buderus. 
Melallgesellschaft has sold its 
Frankfurt headquarters, nu- 
merous small subsidiaries and 
large stakes in Berzelius Um- 
welt Service AG, an environ- 
mental services company, and 
Kolbenschnridt AG, an auto- 
motive-parts company. 


Pv via RE ioo» Hah LourLtfegoree 
J«5 * '5 .48 4ft ,»* 


pe urn Wsti Lo— Lctcy ch’oe 


w * - 


Wednesday’s Closing 

Tables include the nationwide prices up to 
the dosing on Wall Street and do not reflect 


INTERNATIONAL CLASSIFIED 


late tradesi 


Via The Associated Press 




■ 

HWi Low Stock 

Drv Yld P£ 100s M 

— m I? ~ia~r 

A Liter Latest Oi'oe 


ANNOUNCEMENTS 


itt a 5 


BUSINESS 

OPPORTUNITIES 


Attention visitors 
from the U.S. ! 


OFFSHORE COMPANIES 


2} || 


- n aw ] 5 j & m 

i2*| 

£ $ 

fl 19 ii 

— i fa imC 

j j ijjS 

K&P n iJtoe 

103 * S j 8 j S jffi 

=111 

Wbi mo 

- z-3 «S ill* 


4 58 

5 ’3 E 

* a| 

Hi 



Sillsl 


Save on 
International 
Phone Calls 


SERVICED OFFICES 


Your Office in Germany 

ore “ef yew wrviee - 
Ganpfato office unices d two 




wsmi 

KOMI RESORTS 


TdecfaaM or fcsc for — ifae service 
aid 100 pqp ccdaur brochure 


.10 3 li 

■*» » 1 


■Sir; 


If you enjoy reodbg the IHT 
when you travel, why not 
dso get ft at home ? 
Someday defivery ovaSobte 
in by US. alias. 


OCXA ASIA UWTH) 
WQ. M of America Tower 


Save 50% cad more compared 
to hed phone coffpoon. 
CJ rtom hooWj office, aw- 
■ton totefc (and (Mad 
a»d*tfp»4 Chad our rrfo 
for any cDurtnas aid cte how 
you coo Oort mvhfl txhy. 


Tet +BS25220T72 
Fat; 852321)190 


Cd as bow and w»1 
cdl yoa right back! 


• rdty eqwppod offices far dot 
term or tona term 

• IrtemofareSy troiwd office 
and pro leoorag staff t» yom 
dapa kA 

• Can be kgoly mad awe 
c orporate rfawcfc far Gewwny/ 
Europe, 

• Yorr buanen oparofon on Oort 
■Met fad y. 

• Since 1977. 



OM&AKYlHNArttllejM* 
room, SFr. 200000 to 3J5 Hio 
BEVACSJL 


SZMooArtat CH-1211 

W4I23-T34 IS 4a Fuc 734 1220 


REAL ESTATE 
TO RENT/SHARE 


jffl -i a 

iMfll 


’a a s 

a* 8 

51 13 J 

% ii 


Cal m 800 882 2884 

(to NrwYtet 04 212 752 3390} 



Tel 1-206-284-8600 


fax 1-206-282-6666 

Lines opsn 24 how*. 
Agenb nuparies weicorad 


tofcca Mm ServiCM GtnbH 
laroMku an Hobhoiompark 
j e M ort e w, 

4022 Frankfurt an Man 
Gmm. 

fat© 595770 


AGENCE CHAMPS BYSBS 


SrOft i in Ivnished ufwrliMte, 
r w r onn iiu l onw, 3 morris wd wore. 


flciattj nine gribmt 


ASTON CQ0OM3E11tUS1GE5 HD 
T9, Peel food, Dow^ov, hte of Mon 

t» 0624 a&nfeTfca* asm 


SOS hCP cri*»ine n I 
1] pal Tefc fail 0)47 


feSfUIL. 
80 801 


ALCOHOLICS ANONYMOUS Errfafc I 
apeeftm nem dc*. Tnfc Pte 

OH?; » 59 45 , Some m « oo. 



kallback 


REAL ESTATE 

FOR SALE 


(11 42 2f 

k (1) 45 A3 


25 32 25 

63 3709 


FRENCH RIVIERA 


419 Swoni Ammo Wea 
Sank, WA9BU9 USA 


MCE MONT BOaON. Sjpknfid 3 
rao» in wji houang dxM 100 

K ftnronc view over ceMnJ 
<nf harbor, large Wcony, 


PAMS 

74 champs arsas 

“OABDee" 


a 

I 

.49 J V 5 


DUTY FREE SHOPS 


BUSINESS SERVICES 


HONGKONG 
C0MPAME5 US $350 


Knh dan. ready to we Rate 
hey napped end fwtkhed. 

For Rent by tm cby. wed or more. 
Tefc 1-44.11^31 fat 1-4Z2S0tBB 


•daning pool in udwo exohe aor- 
den. Dud sate bon owner* at & 
Si Toe free F924 M. or Sr. 

Td aomnenil 21 807 3& 46 or far 
41 Z1 807 36 21. 


FRtDDY 

NHy /enovgeed dep in heart of fas. , 


MB IS m 
'l# iflf r 

111 

!•» w a S 




Uod* bora the 'Opera'*. 


nw to fte Aaaioon Enxns fa*. 
HGffT wish ttaodPtovFri. MS) 
I nw Aider, Mr 0, Mateo Ope r a. 


MOVING 


FOUND MONEY! 

DRAMATIC SAVINGS 
NO MVESTMENT 

Cdl Now To Save on 
tnt'l Phone Co& & Faces 

WartMteNtyima/AnyHtmrt 

U5. Tel: 1-407-^769500 
US. Fat 1-407-676^09 

Service bprewnUne lines 
open 24 hrs every deyl 


Qpeide yeer ee tan er 
lew lac eewpany faun *e 
bwtaeewdwofAdi 


MONACO 


HE SAMT LOUS - EXCBHKMM, 


mogni li c n re apartment, facing Sane, 
suaiy. quet, beautiful antique fum- 



M0N1E CARLO 
NMOPAUTY Of MONACO 


LTiI~ 1 Lv/riai 


sumy. qve », beautihi artique futw- 
turr. ShoQ/koa term. Tefc 1 -1&6&PD 

10 MM IADBWSE. rfwr/tapg km, 
hAy equipped, phaneTIV. view on 
T6 u455614S? 


BUSINESS TRAVEL 


+ bcihs w Bite, BunMcaeh, 
tege t apped wdan + fficngnoofc, 
coKorvalory, tenors. 

Priwte heated rmd until id preara, 

2 aeloa nice negofeabb. 


Mb, 100 *qJ>t. % bedrooa* witii 
terrace oa Sene. AwAjble now, wotAiy 
attars term. jS/fan 143 25 85 92. 


LOW COST FLIGHTS 


* 

» «s ” 



104 S. US.1, Wnfcoumn, FL 32901 

Ohoouisfs For Oorporafioas 



03CLUSVE SOLE AG£NT 


WOHU AVUUWN - SCHHXAH) 
FUGHTS. IlL bujineu. economy tV 
bwes fares. Tel FT fait (1)47551313 


Tel 33-93 50 46 84 
Fax 33-93 SO 45 52 


FRIENDSHIP 


LEGAL SERVICES 


SWITZERLAND 


MAKE YOUR DAY, young I 
armtiei lady seeks lonely « 
busnenraxi far oonranm* 
in laadon. Cot Una 0171 359 1 


We're Seeling DstribcfenJ «« cstaad, omq- 

Sngjfi 


■Jen. Sctio to fore 
; 850000. Tab 4122 


International 
Herald Tribune 
ads work 


EXECUTIVE 

POSITIONS AVAILABLE 


GENERAL POSHTONS 
WANTED 


U9 » 

M’S I 

■S 5 .a 


J o| 

19i 



_. ^ oaemiTAVocATS 

Dra0 dne Affaires nt adivte interno- 
tionda • dwrche, pour Ten de ees 
C Bau o nt , sou teuire bSngun onglms, 
pwtio, toMt in eo e VETO 5 BM sot- 
htateo. A prwncir ■nnrfrriKire , 


One of »be d ndan w* he breed n 
T*Mwiv, broeL oed the atiar n Mam- 

iSvSSsaS"'*’' 


lutee. A ppunerr mimaatmtH. . 
Add rawer Cv. at nr e tei r i a nt a SO* 
CAUBB BUCHMANSmiBL 31 bW 


c; BsumiffiNuei 

028 


> tinted, pbow fcei your tv. 




Mr. Oar Bari, 
Larar HeWogtl 


.» ^ s 

!A0 is '9 


GENERAL POSmONS 

available 


MAKKFT ANALYSTS 
U£ htuadpnbUnr seda canttar* to 


produce bu o h Am A norid raeordi 
report s on European & wrtw* aar- 


Coatroned « Pige 12 


tote. FAX amalua yfae to L«» 
QeidiB. FMVSVf 2I2-807-36HUSA [ 



TbeAMBBCAN OAJBDt M MBS 

wto a fuBtene bSngud laentoy/ 

i 1 

WFUVYWWeaii and datobae loB- 
— 1 A^in to'id far^ 65 | 
i a Onay. 73007 Pm 


PLANNH4G TO RUN A CLASSIFIED AD? 

Place your Ad quickly and easily* oontad your 
nearest IHT office or rexxesenblive vAh your text. 
You wifl be nfotmed of Ae cosf immediately, and ■ 
once payment is made your ad wS appear wilhin 
48 hours. AU major Crecfe Cads Accepted. 


MBNAnOMLBANKS&S 
MWQUAlBttCunVESEOPAKY 
bqMt tnotiter term, « yem 


RIBONE 

fac (I) 46 37*370. 
GSMMNY.AUSRUACBYnML 


NOiriHAMBttCA 


MW YORK; 

T«Lt212752-389ft 
Tel teJU 572-721 Z 
Tdete 427175 
fac (2127554735 


TeLDfiOl 72 67 55. 
fac KW 72 73 JO 


ASIA/PAQHC 


Tefc 0) 44 20 33 50 


Sobetfenr. {33-1)44 13 9 00 Pbnl 


lAtCE COHSUUAWT MUR w eb very 
effidn ASSSTANT/SECRHAKY. t 
twi &ofeh. ars5»«ed, at inter 
wn flood anaueatiian A. 5ml 
CV to. I Haedorf. B, tear ha, cede* 
16, 92064 fait la Dmn 


SVHUBBAMfcMk 
W. 1021 1 728» 21. 
Fac ©11728 30 W. 


TtWBah 

lebc 262DW. 

, fac 1071 1240 2251 


HONGKONG: 

U:(B52| 9222-1188. 
Tctoc 61170 HIHX 
fac 1852) 9222-1 19U 
SMGMUfc 
TeL223647B. 

. bWiittc 






v * -^rr ■%.' - '> 

*£#■' ^ -J. ; . 




/} 


/ 

















































































! ** 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 



Page 13 


ASIA/PACIFIC 






Cooling China Economy Chills Hong Kong Stocks 

Bv Kevin MiimU.. 


By Kevin Murphv 

International HeraU 7v.fc.__ 


■'.x 


JSgSS* *“?« h® 1 on d* China market and 
a U S " COnun S though." said one trader with 

Jg* "J HcSI StaSt 5 " *“ 

^ A— ^ 32 per? ««££ 



*:fc. 


, • - . - , ini (uuiu LtU utl uilj ycdl 

1116 vo,alilc Small stocks in f ram “ij, 00 "? an - v - h i^ sh surprises; they benefit 
*e™S ^»8 market wish many other com™ ll? t ™? re , diversified Unes of business and 

as forthright recently — it n^ahl ° nger halance sheets than smaller companies. 

ha 5 S *"? “^Pleasant surprises ^ hi« U1 - a J? a L ysu> i}°. w M y ““aHer companies’ trou- 

A number of smafl and medium-ei?^ ii~ !?*“ their China investments are a had omen 


auaiocr or small and medium-sued H nnp r Z " “* lftc,r ct «na investing 

5SXSS“S!1“ W reported dismal half-vea? ****£. have recently cut 

“ieir earnings estimates for blue-chip stocks. 

_ . .. 


corporate results in raxM'iSrZ', '*^-year 
thar woes on a 

expansion into Chma_ C pr ° ni from ra P'<* 

In Beiren’s case^ unfavorable market condi 
turns for its machinery and a switS!^ iu 
K ong accounting standards from Chin H ” s 
were behind Chmese «« 

. ® c ? mg * s battle to rein in an overheated na 
nonal economy has begun to cast a shadow oSct 
H ong Kong, analysts said, as an “S 
basx * f * particularly in wnESSritot 

pxo^^tevelopments, raters ihrougMo SJJ 
pames* balance sheets and earnings StimaS 


China has been a disappointing experience 
many m the past year," said Howard Gorges, 
director of South China Brokerage. "And for 


many companies it possibly looks worse because 
expeciauons were loo high.” 

Many of the smaller companies who have 
surprised the market with poor interim profit 
performances are trading and manufacturing 
Businesses that have disappointed investors de- 
spite increases in revenue. 


>y»alysis said they were looking forward to 
seeing these companies* annual reports to get 


more information on what they believe are losses 
from speculative investments in China and had 
debts owed by Chinese trade counterparts. 

Among Hong Kong’s larger companies, expo- 
sure to the China market is generally limited to a 
small percentage of their total assets, particularly 
in the property-development sector. 

However, while property analysts generally 
discount the major developers’ China activities 
in their profit and valuation forecasts, a down- 
turn in mainland property markets could turn 
many investments there into longer-term propo- 
sitions than first envisaged. 

Closer to home, rising interest rates have sent 
chills through the Hong Kong property market, 
and a sevenfold increase in residential property 
prices over the past 10 years has caused some 
analysts to think the market is ripe for a major 
correction. 

Hong Kong companies' traditional reliance on 
stock and property trading to boost overall profit 
further complicates the task of forecasting their 
earnings for 1994. 


said Samson Wong, head of research at Sassoon 
Securities Ltd. 


"There may be some negative surprises, espe- 
cially in individual companies’ trading results,” 


Many brokerage firms have downgraded their 
1994 earnings estimates for the 33 major compa- 
nies that make up the Hang Seng Index. 

“Even the most conservative companies 
around the world have been hit by trading 
losses,” said Mr. Wong. His firm has reduced its 
estimates for 1994 earnings growth to 15 percent 
from 1 8 percent for the stocks thai make up the 
Haag Seng Index. 

The benchmark index closed down 43.66 
points, at 8^68.22, on Wednesday; it is down 30 
percent on the year. 

S.G. Warburg Securities said it did not see a 
turnaround coming soon. “If results in the first 
quarter of 1995 show further signs of margin 
pressure and sentiment toward China takes a 
further downward turn, a price/ earnings ratio 
below 9 times cannot be niled out,” a recent 
Warburg report said. 

“A Hang Seng Index of 7,500 may represent 
the bottom of the market,” it added, “unless 
far m in g s downgrades are more drastic than cur- 
rently expected.” 


.t. 


Tokyo Orders NTT 
To Let Rivals Use 
Local Networks 


Bloomberg Business News 

TOKYO — The Ministry of 
Posts and Telecommunications 
said Wednesday it had ordered 
Nippon Telegraph & Tele- 
phone Corp. to allow compet- 
ing carries to use its local 
plume lines. 

The ministiy said it issued 
the order after three long-dis- 
tance competitors of NTT’s — 
DDI Corp., Japan. Telecom Co. 
and Tdeway Japan Corp. — 
petitioned the ministry for per- 
mission to use NTT lines to 
offer low-priced telephone- 
networking services called vir- 
tual private networks. 

The ministry said the order 
was necessary “to ensure a wid- 
er choice for consumers and to 
promote competition in the pri- 
vate network business.” It said 
the ruling would not “unfairly 
restrict” NTT. 

The order opens the way for 
the smaller companies, which 
entered Japan’s telecommuni- 
cations business in the years af- 


ter NTT s monopoly was abol- 
ished in 1986, to offer virtual- 
private-oetwork services 
without the need to invest in 
laying new cables. 

The networks are used most- 
ly by companies that want voice 
and data transmission networks 
for internal use without the cost 
of having extra telephone lines 
installed. Currently NTT is the 
only operator of ihe networks 
in Japan! 

The status of NTT, which is 
majority-owned by the Finance 
Ministry, will be reviewed be- 
ginning in April. 

The ministry said it conduct- 
ed a public hearing on the three 
companies’ petition on Dec. 1. 
At the hearing, NTT questioned 
whether allowing the smaller 
companies to operate virtual- 
private-network services was 
within the law that governed 
their business operations, and 
whether they would be allowed 
to se t rale s for the services with- 
out NTT’s involvement. 


Mr. Wang Buys His Dream Car 

In China, It Shakes, Rattles and Sometimes Rolls 


By Steven Mufson 

Washington Past Smut 

BEIJING — After saving for two 
years, Wang Xian and his wife, Mri, have 
bought themselves a piece of the Chinese 
dream. Jl has four wheels, a top speed of 
60 miles (97 kilometers^ per hour and a 
coat of snowy white pain! under a layer 
of dirt and coal dust. 

Jt is a car. and so far, it has been a real 
headache. 

Mr. Wang has made 15 visits to five 
different offices to pay fees and get per- 
mits for the car. In addition to the 57,000 
yuan ($6,700) he paid for the vehicle, he 
has shelled out a wad of cash for a 
parking space 10 minutes’ walk from his 
home. Although only two months old, 
the car already rattles badly. 

“We’re both happy and irritated,” said 
Mr. Wang. “Owning a car in Beijing is 
great, but it’s also very difficult.” 

The Wangs bought their Chinese-made 


Changbe car in mid-October, about a 
iih b< 


month before China’s Ministry of Ma- 
chine-Building Industries hosted an auto 
show for 22 foreign automakers compet- 
ing to bufld a new family car for China. 
The Chinese government has announced 
that three or four foreign automakers will 
be chosen to help modernize China’s 
fledgling auto industry, be ginnin g in 1996. 


Their target market is the typical Chi- 
nese family — like the Wangs — that 
lives in two rooms, heats with coal and 
rides to work on old bicycles. 

Companies including Porsche AG, 
Mercedes-Benz AG, Ford Motor Co. 
and General Motors Corp. took part in 
the show, hoping to gain early access to 
perhaps the last great growth market for 
autos. Car sales in China were around 
350,000 in 1994, with about two- thirds 
produced domestically, but some observ- 
ers forecast annual sales of 1 .4 million by 
2000 and 4 million by 2010. 

Success, however, is far from cer tain. 

For one tiring, most Chinese cities were 
built for the bicycle, not the automobile. 
Beijing for example, has almost no park- 
ing space, and the streets — most of which 
are wide enough for only one car — are 
choked by bicycle traffic. Vehicle sales in 
China, inducting trucks, are currently 
about 1.37 million a year. The figure for 
bicycles is 30 3 million. 

Indeed, even after the Wangs get their 
drivers' licenses, they still plan to ride 
their bicycles to work, using the car to 
visit relatives out of town or when they 
shop for heavy items, such as coal. 

Cost is also a major obstacle. In a 
nation with average per capita income of 
less than $300 a year and virtually no 


consumer credit, it would take a lifetime 
for the average person to save enough to 
buy a car, not to mention maintenance, 
parking, insurance and gasoline. 

The Wangs could afford their car be- 
cause Mr. Wang's wife has hex own pri- 
vate photography studio. If they had to 
rely on Mr. Wang’s salary at a magazine, 
“it would have taken 10 years and that’s 
if we didn’t eat or drink." Mr. Wang said. 

The Toyota Motor Corp., when invited 


to the Family Car Symposium in October, 
recommended the Chinese i 


: not build a car 
aimed at the average Chinese household 
because of the expense of ownership. Gt- 
ing the histoiy of car ownership in Japan, 
Korea and Taiwan, Toyota said only 
wealthy Chinese would be able to afford 
cars for many years to come. 

■ Investor Protection Debated 

The National People’s Congress is 
considering legislation to protect invest- 
ments by overseas Chinese following an 
increase in reported deputes between 
investors and local officials, Reuters re- 
ported Wednesday. Foreign investment 
in China grew 44 percent during the first 
10 months of 1994, to $25.2 billion, ac- 
cording to official figures. 

Eighty percent of foreign investment 
has been by ethnic Chinese living overseas 
and Chinese with foreign citizenships. 


! Investor’s Asia 1 

Hong Kong 
Hang Sang 
11000 

Singapore 
S&a its Times 

2400 t ^ 

Tokyo 

Nikkei 225 

22000 


2300 

!,0 Vv, 

■n 

226Dy** \ 


m 1 

f 2100 I 

i- ma V 


m 


J A SO N D 
1994 


1 A S O N 0 
1994 


J A S O N 0 
1994 


Exchange 
Hong Kang 

Index 
Hang Seng 

Wednesday Ptev. 
Close Close 

&268£2 8,311.89 

% 

Change 

-0.53 

Singapore 

Strata Times 

2£34.15 

22Z72S 

+0.31 

Sydney 

A9 Ordinaries 

1,935^0 

1,909.30 

+1.37 

Tokyo 

Nikkei 225 

19,665.53 

19,7t 1.S6 

-023 

Kuala Lumpur Composite 

975.97 

907.54 

-1.17 

Bangkok 

SET 

1.36&24 

1,359.86 

+025 

Seoul 

Composite Slock 

f, 027.39 

1,025.33 

+020 

Taipei 

Weighted Price 

6,947-63 

6,982.91 

-0.50 

Martha 

PSE 

2,777.78 

2,794.58 

-0.60 

Jakarta 

Stock Index 

469-64 

466.15 

+0.75 

New Zealand 

NZSE-40 

1,919413 

1,91523 

+024 

Bombay . 

National Index 

Closed 

1,862.78 

- 


Sources: Reuters. AFP 


lnttmolnmjl htaaU Tribune 


Very briefly: 


• Japanese employers eliminated 128,000 jobs over the past year 
— more than 10 times the 1 1.260 jobs cut in 1993 — to try to cope 
with the lingering recession, a survey of major companies said. 

• Indonesia said it had chosen four possible sites in the United 
States fora factory to assemble an Indonesian-designed passenger 
plane. The government will decide in February whether to build 
the $100 million plant in Alabama, Oregon, Georgia or Arizona. 

• Rashid Hussain BhcL, a Malaysian financial-services company, 
said it signed an agreement with Daewoo Coip. of South Korea to 
develop an entertainment, office and residential complex in Kuala 
Lumpur with a potential value of 1 2 billion ringgit ($468 million). 

• Taiwan’s Finance Ministiy has approved what it said was the 
first takeover in its financial sector, with United World Chinese 
Commercial Bank acquiring Overseas Trust Corp-, which was on 
the brink of bankruptcy. 

• Standard ft Poor’s Asia Ltd. affirmed its AAA ratings on Mitsui 
Marine A Fire Insmance Co. and Sumitomo Marine & Fire 
Insurance Co. but warned that both companies' profits were 
f alling and they were likely to “consume additional capital” and 
pursue “possibly more risky business opportunities.” 

» Fuji Heavy Industries Ltd. said it expected to post its first net 
consolidated profit in six years for the current year, ending in 
March, but it refused to confirm press reports that it would have 
group profit of 5 billion yen (S50 million). 

• Pioneer Corp. said it planned to raise its overseas production to 
36 percent of its worldwide output in the year starting in April 
from an estimated 27 percent in the current year. 

AFP.AP, Bloomberg 


Hualon 9 s Oung Charged in Stock Affair 


Compiled by Our Stiff From Dispatches 

TAIPEI — James Oung, the chief of 
Taiwan’s Hualon Group, and 33 other 
Hualon executives were charged Wednes- 
day with violations of securities and ac- 
counting law in connection with a 3.4 bil- 
lion Taiwan dollars ($128.7 millios) stock 
scandal in October. 

Mr. Oung, a prominent legislator and 
business executive, and the others were 
accused of participating in a stock ma- 
nipulation scheme that lod four brokerages 
reported to be controlled by Mr. Oung to 
default on payments owed for buy orders 
on the Taiwan Stock Exchange in early 
October. ... , 

The benchmark weighted price mdex oi 
the Taiwan Stock Exchange plunged 15 
percent between Oct. 4 and Oct. 1 1 m the 
wake of the affair. 

Mr. Oung heads Hualon Group, a tex- 
tile-and-electronics business that in Sep- 
tember 1994 was ranked as Taiwan s 


ninth-1 argest conglomerate by Excellence 
magazine, a Chinese- language monthly. 

Hualon Group had assets of 125.2 bil- 
lion dollars in 1993, the magazine said. 
Hualon’s assets include investments in 
Hong Kong. Malaysia and China. 

Taiwan’s benchmark weighted price in- 
dex lost 35.08 points on Wednesday, fail- 
ing to 6,947.83, in part on concerns about 
Mr. Oung’s arrest, said Scott Huang, a 
fund manager with China Securities In- 
vestment & Trust Co. Hualon Corp., the 
textile-making flagship of Hualon Group, 
plunged 3 dollars to 40.7 dollars. 

A Taiwan high court just last week up- 
held Mr. Oung’s conviction in an unrelated 
1990 stock scandal, and sentenced him to 
two years and two months in jafl. 

In September 1991, Mr. Oung’s chief 
stock strategist. Lei Po-lung, was involved 
in irregularities when he _ failed to settle 
transactions valued at 9 billion dollars. 

Most unsettled transactions during the 


October incident were in a hotel stock 
whose price, analysts say, was manipulated 
to artificially high levels before the de- 
faults occurred. Sellers of shares in Imperi- 
al Hotel were paid through a special Tai- 
wan Stock Exchange settlements fund, 
even though buyers defaulted on their or- 
ders to the four securities companies. 

Securities and Exchange Commission 
officials said in October they believed 
traders close to Mr. Oung were on both the 
buy and sell sides of the trade in the hotel’s 
shares, and defaulted only after investors 
were no longer willing to bid up its price. 

Analysts said that Mr. Oung was not 
likely to be immediately affected by the 
new charges because the case was likely to 
drag out for at least a few years. 

“This will not be the end for Oung,” said 
Thomas Chien, research manager for Bar- 
ing Securities in Taipei. “He soil has a lot 
of political musde to exert in the game." 

(AFP, Bloomberg) 


Thailand to Cut 
Import Taxes 


Bloomberg Business /fews 

BANGKOK — Thai- 
land will reduce import tax- 
es on 3,908 items Jan. 1 to 
try to sharpen its compa- 
nies’ abffity to compete. 

The government also 
seeks to meet terms of the 
ASEAN Free Trade Area 
and the General Agreement 
on Tariffs and Trade. 

The cuts, approved Tues- 
day by the cabinet, wflJ re- 
duce the average import 
duty on all items to 17 per- 
cent from 30.2 percent by 
Jan. I, 1997. By 1997, no 
import doty on any oftM 
items wiH exceed 30 percent. 

The tax reductions affect 
such goods as petrochraai- 
cals, plastics, food, alcohol, 

cars and spare parts. 


STAR TV Seeks Legal China Entry 


Bloomberg Business New 

HONG KONG —STAR TV, the Asian satel- 
lite broadcaster owned by News Corp., said 
Wednesday it was in talks with China at various 
levels in an attempt to get its programs legally 
shown there. 

But a spokesman for the company refused to 
comment on a report that News Coip., which 
controls STAR, is attempting to pry open the 
market by selling the Chinese a system that 
would allow the authorities in Begrng to have 
control over pay-TV signals. . 

The Eastern Express newspaper reporteo 

na’s Ministry of Radio, Film and Television in 
mid-December about the subset-manage- 
ment system. It said that Rupert Murdoch, who 
controbNews Corp. subsequently made a per- 
sonal visit to China for further talks. 

The paper said that under the proposals, a 
gJSaSSdi unit based in Begmg would re- 
satellite signals and then rebroadcast 
the ones that censors had approved. 

sSvR said it had been in discussions over 
■ ■ . f-jecasts and coproduction of programs in 
STJS produced a 


series of programs through joint ventures on the 
mainland and has also acquired more than 1,000 
hours of programs from China. 

It is currently illegal for individuals or unli- 
censed organizations to install and use satellite 
dishes in China. 

Many Chinese individuals and organizations 
defy the ban oeq satellite dishes. The number erf 
people viewing STAR in October in greater China 
— China, Taiwan and Hong Kcmg — ■ was 38.2 
milli on, up 15 percent from the beginning of the 
year, according to STAR’S own estimates. The 
majority of these were in China, though STAR has 
not issued a specific breakdown. 


Pearson, TVB and Indian Paper Team Up 


The Indian government has approved a S25 
... * ‘ a Pe 


million television venture between Pearson PLC. 
the Hindustan Times and Television Broadcasts 
Ltd. of Hong Kong, Agence France-Presse re- 
ported from New Delhi. 

The venture will produce television programs 
for domestic and Inc overseas markets, Indian 
officials said Wednesday. Pearson will have a 30 


percent stake, the Indian newspaper will own 50 
percent, and the remainder wfll be held by TVB. 


UNITED STATES RAMCRUPTCY COURT 
SOUTHERN DISTRICT OF NEW YORK 


tore: 

R. H. MACY & CO., INC., et oL , 
Ddnon 


Chapter 11 

Case Na 92 B 40477 (B8D 
Qotariy A dmit ite med) 


NOTICE OF EFFECTIVE DATE OF SECOND AMENDED 
JOINT PLAN OF REORGANIZATION OFR.H. MACY ft CO-, INC 
AiffljQEBlAiffpjure. SVBS tD iA yn s , AS MQMBB B 

ToaHhotders of cl ai m, ag a ins t and interests in Ihe above-cap tkm e d d eb tors and 
debtors in possession, am other parties in interest: 

NOTICE IS HEREBY GIVEN that: 

TheCoun, having entered an onler dated December 8. 1 994 amfirmiae the Second 
Amended Joint Plan of Reorganization of R. H. Macy & Co.. Inc. and Certain of Its 

Subsidiaries, as modified (the “Plan'* t. and ail other conditions to tte effectiveness of 

Ihe Plan having been satisfied or duly waived prior 10 December 19. 1994. ibe 
Effective Dare I ns defined in ihcPlaol occurred on December 19. 1994. 


Dated: New York, New York 
December 19, 1994 




KM^DA^EAt^&POGUE 

North Point 

901 Lakeside Avemte 

Cleveland, Ohio 44114 

(216)586^939 

ATTORNEYS FOR 

KEORGANIZEDDEBTORS 


International 

Classified 

Marketplace 


Monday 

I n te rna tional Conferences and Seminars 
Tuesday 

Education Directory 
Wednesday 

Business Message Cotter 
Thursday 

International Recruitment 
Friday 

Real Estate Marketplace, Holidays and Travel 
Saturday 

Arts and Antiques 


Plus over 300 headings m Inte rna tional Classified 
Monday through Satunlay 

For further information, contact PtUSp Orm in Paris: 
Tel: (33-1) 463794 74- Fax: (33-1) 46375212 



CURRENCY AND CAPITAL MARKET SERVICES 


^ o a rjrv 

VWTTOTT 


FUTURES LIMITED 


SFA A IPE 
MEMBER 


* 24 Hour margin based foreign exchange dealing 

* Fast competitive rates with a personalised service 

* Catering only to professional investors. Fund managers 
and institutions, for their speculative & hedging needs 

* Up to date market information and technical analysis 

* Full futures brokerage in all major markets 


33 Cavendish Square London W1 
Reiners Dealing: SABX. Reuters Monitor. SAB Y/Z (+ Daily fax) 
TeL: (871) 412 0001 Fax: <071)412 0003 
Please call far farther Information. 


\ TBADC QMKENCS5 wd. ipaciilc cnlrn boro BM COMFUTBt PCOOKAMv4d<^l 
j nmum. ibb m wou*- aBonw 


\ arwconhtad br toAymA. 

■> 6300. or lyeakxSf 2,000 

• NOTE: EACH HAS HU. MONEMMX SUUAN1S. We m not CUri, <b nrt 
I ACCOUNTS USU5,CO0t, mi obo« CUSTOM 

CoS 305-251-6762 or 800-392-2664 - Fax:305-254-3272 
UMIB> AVAUABJUTY. AO NOW! 




CoOkU Gnq LF 

stone 


Everyday Offer To Prfffessmd Traders 

US Conm«% Bectuagm 

800 - 967-4879 
312 - 207-0117 




***** 


3R432M 

393077 


$32,817.04 

NET BEAUSP FBLwtiB 
HktMQflOOUNDBRkttNAtBMHNT 
June 27, 1994 thxoogh Octchhs 31, 1994 




Currency Management Corporation Pic 
11 Old Jewry - London EC2R 8DU 
TeL: 071-865 0800 Fax: 071-972 0970 




MARGIN FOREIGN EXCHANGE 


24 Hour London Dealing Desk 
Competitive Rates & Daily Fax Shed 
Call for further information & brochure 



For further details on bow to place your Bstbqg contact: WILL NICHOLSON in London 
TeL: (44) 71 836 48 02 -Fax: (44) 71 240 2254 


To cal!, just did the Access Number Ter the country you're visiting, end you'll reach an English-speaking Sprint Operator - at no extra charge. It's that easy. 


COUNTiUB 


ACCESS NUMBSS COUNTRIES 


ACCESS NUMBERS COUNTRIES 


ACCESS NUMBERS COUNTRIES 


A SIMPLE 

CURE FOR THE FEAR OF 
FOREIGN PHONES 


ACCESS NUMBStS COUNTRIES 


ACCESS NUMBBtS 


-.f 

8&: 




AnHpjO Med ium* >*■ ■■ > 

Argcnino 

Amwiiia 

/UatnOia {OfwW + 
AMtalio ♦ 

AvtMa ■ 

Bahama* 

Bohn* 

■arborfa* 4 
Miwnr 
Betnudfl / 

Boa«ta 

tod 

BrMibVbBfeMaad*A 
BalBwfa * 

Caoodfl- 

Chil« 

China +/ 

Cofanfaia 
Cana lta» + 

Cnade* 


633-1000 

Cn»»sm 

08040041 

«0 

C«feh lopobBe +S 

0043-0*7- 1*7 

1 800 366 *663 

Dwmymk* 

■00 1 0877 

00-1-300-777 1111 

rVuninfrim fepoWfc A 

l- 800-75^7877 

8-10-155 

Ecwodot/ 

171 

1-800-5511-10 

EKWlCofe** 

556-4777 

1-800-881-877 

top M1MWI + 

<23-354*777 

M5N1.0M 

fl Satatrioi 4- 

191 

t-soo-389-rrn 

RFUbncfa 

004-890400-3 

800-777 

Hntcnd * 

9000-2-02*4 

V8OO-877-6000 

Fmca* 

19+00*7 

OtOO-lOOM 

Catumny + 

013042013 

1-800-62341877 

runt * 

008-001-411 

0000-3333 

Cam 

950-1366 

000-8016 

Guataamo -t 

195 

I- 800- 877- 8000 

Hendurai 

121 

00-800-1010 

KoogKoofl 

*00-1877 

h8 00-877-8000 

Han* Kang A 

Oil 

00*0317 

tfansory -tv' 

oa* 8O04L877 

MS- 13 

■cafcnJ +■ 

999-003 

9*0-230-01 D 

faafla-t- 

000.137 

163 


OOMOM5 

993400-13 

Inrionailn paffefel* 

OOP 80115 


taraal + 


Aw lea - 
Japan poQ ♦ 
JapenpmO) ♦ 
K n j « / 
fam mw| + 
K ma (KIJ ♦♦ 


UwM—Mu * 

UhovniaS 

tnWb O^B 


Malaytfa* 
Ma*ta> * 


VBOM5-2D01 

I77-W2.V27 

V3-W7 

1-600-877-8000 

0066-55^77 

0039-131 

0800-12 

0C39-I3 

00946 

800-777 

135-9777 

86197 

0800-0115 

O800-I2I 

1000016 

95-800477-8000 

19+0017 

0690234119 


Nka 


r»u / 

nmpp lna.ffm 
PM 


iowO 


»puc* 
P MU pp l a m ou>n 


Portugal + 
PaartoMca- 


■ntiBpwMgt 

HmdaMaBMO+a 

Saipan 

Salpaa (Thfa* w mi +■ 

Su Marina + 

Seatfi Arabia 


NMhMta* Anfitof 
iCiramnslMM] * 


SMhAftfaa* 
Spafa. 


0B-171 

>00-19877 

115 

196 

105-01 

I0MU 

105-16 

OOKM-BOO-U5 

03017-1.877 

1-000477-8000 

QV80 0-0877 

155-6133 

8095455-6133 

235-0333 

1-33542333 

1734877 

1 BOO -15 

8000-177-17 7 

0-800-09400! 


Taiwan a 
ThaSand / 

Turkey + 

US. Vb«tn Month - 


-0877 


(Mad Arab Eirfratm * 
UnBad Klngda-B m 
Unfed Kfagrfem rttecoryl 
Vatican Chy + 

Venezuoki 


001 -999-13- B77 

00- 6004-4477 
MOO- 877-8 000 

1- 800. (77-8000 
8-MO. 15 
800-131 
080049-0877 
050042942677 
172-1877 
800-1111-0 



Sprint. 


001-800-745-1111 
^ — 7 — Hnil [h ■■nartndtl 1 M l 0 - —a mb p tow i fe Swadan-t- 
NewZacfend 000-999 

Bwwn twug.iij a 171 Syria + 


900494013 

020-799-011 

155-0777 

098B 


To order a free FQNCARD 
CALL COLLECT TO THE U.S. 
402-390-9083 


Cww 
ovaikiblBv. 

tninunafion 


e 9 













j^imrniMAnOTSAL HEK A U> TRIBUNE, 


NASDAQ 

ui^rouIaV'S 4 P-W* . . M 


ttsaS^ 


(%BnwM'< 
oiabtoGout 

9ft BrTani 

Kf® 

44V>3W»tSj£ n s 

16'M VT S 

34'A»3!'?SK« 5 


n to YM PE H* H* 

H]lm 

— 'B Si (Ul 6'A 6>hi — fw 

I is 6 ] 8 S {?£ {?’£ . 

„ 388 287 ’}5 a -1* 

J ‘ “ 8 B .IS 


J ‘ ^1S#SE5 

- 

: is S & JSS* *= 


» , #^s 

14% JSSaDrS’ 

jr^Bsass? 

saissigfe 

23'* IS^iSSJ? 

srftlE. 


^ nwonm ___ 

1 H^umWOrte 

~i? Hi ’$$ ’&£ ’S’* „% »%II»S«2!* 


n- 5S. f* LDWUMlOljC 


1JMoNh ^ dm nrt rr — 

H ah w Sag — ™ 9SS0 ?$"» g£ tf 4 7% 

32 22%*A*5‘i;(vi:* — « 2331 22 7TW Su _ 

SsjKfgK* ,{.gsgf Sj*-* 

3a*i 0 ££*£rA “ H ill &S 8%t»5£j$ 


rto ftuffa^ t^L \1> i m bw VSt “ * 

k»s£T - * nil IE* 


EiJgPiM 

si SFics 

fl?afcis*= 



ifs; --sJsw::* 

14 *? ) S*S'di 1 « nso“;n% t5w. 2 3Ta 

14 Carr*TCh M 92* £% 3S W S2 !2 

3SSW .tfe "I * , M §£ g gfc * 


^ftgF- , lp ,3 8 8 tf* s SK + - 

Bfrar "-iJkBita* 

r»*G». 9 « BBS *2 


■«* B 18 rm «& iL 2* 


73% —Vi 

tfVu— *«• 


CHCawem 
4%coiMD 
UVVCaiNUc 

AM “7 S H K f SS -* g 

Milt" 3,1,®;^ i{» i« J | 

*S =-Hfc?l**s i 

‘jSSSS ... 73 s™ « ] 

13 SS 2&1 I IQ Ml 15 V 4 WJ* I 51 V J_& ? 

flaggy =flJf8 .^BS^ J 
&8S& ='*3s Si 3 *Mt 5S 

IjWCefl lintls “ “ ’gS? 5z% 33 W 32*6—1%: 

■s®®? =*iS ii*asv=a 

■s*®, i 

10 Os^nyml - ” SHj 1*H 14*i — *'• 

BftSSxr - m3 M«A - : 

’- ,2 “ ; i JSS ^^=1 j 
?3S^ g K J ^ *2* M «% =S I 
^gSS3= « M % 1 ^ B, 2« 

2'*OKd«R - * 4 is 1?A irv. -»s 

w* 22 ?l " 5 TO 1 SW M M* -# 

IrtChesEns - *5 .SS tvi S 5 — 2 

ilViOwOWS -■ i 12S 49U sa 14 2 

21 CJi.Pcrn s - K ‘Ijj 71A M ? — S 

BtWnTc - S oyli HO 77 77W 

sow munw "vi i|Vi 22 -* 

BlaOirraflda -»<> »■> 30% 79 — ™ 

& 1 * q g $ 

29*Onttfi -17 J n 2W1 O'* D* 33 *■> 

s*aa :S^airM 

=sjs®b*s*=s 

ij^gjss u. 0 . 5 ^ Sa <8 n 
,258^ — ?aJfisa»**i|S 
iisas» s^ + ? 

gtND a H"^i?siffllEa 

'"SsL * 1 ss kst *5 

i^aag As»y -■ 3 gv. t sa-^ 

24HCmcB MO ^8b IS 7 HI " , 4Vj ld ^ _/, 
O^C mcaG P - 20 M - im 21 'A. *>»* »» — £ 
17 ViC mcFg l - ■= n II W ♦£ 1 

31 c ompa re: .92 « » ^ 6n 7H 

tncmnrtL — ,3S HiS /#, «... «Va * a 

n 5V.Cptt9«rtt - ~ 5i2 37 36 M — W 

'■'-WV/ComPUwr — in 751 11 lOMi II +g 

8 Cnmmrt - !! 2} 251/. 1M IS 1 * *Vi 

12WCnc£FSs - 36 ?§5 "«, imil<«H *•*» 

Ptconi&aa - - S n5 11*4 H* r 

1T , WCoraGph ~,^5 SS 2SV, 24V.341Vn *Vn 

JV.13 contra il 7 CT7 16 IMS 16 ,- 

H.14MCOOT1B -50 3.1 - 13 uyfe _Vl 

1 13 CopteyPtl - 14 'ffs AVu A 6 Vi» +v» 

\<h wcouvtei - - j2J2 v«, iff>« + i 

KiwuSS E S im S 2 rii 

- V4 1091 16 1 * 1316 ^ 

f. 10 Ojrlmoa — r! V iru 1A 16 — 'n 

s issssh 1 =8?B5raw : 8 

TMilO CrdAtB* -4i TO I2?S mill*— J* 

JW *s 18 “3 3» 

ITVlIBWCvrtKeP - 3 f»6 OV. 41« «'**• ! 

l«s!fl'»Cyrt: - iSm 3% 316 TVt. *w 

f *Kb.r vtnan — “■ ■ ~ 


*8“*^ = 31 1^3 *S£ ”sS 

116 SysFn&wnt _ - - 'is UK 13» im! — « 



6*6 

3JS 13 
21B3 I4W 
US 14V. 
1002 1916 
2186 28 
854 ?« 

179 IB 

5 iSS 

4, “ H« 

7>V U 

24 V. 
16'« 
226, 
59 '6 
lflV. 
I3ta 
ISV. 
51V. 
16’A 
1BU 
1046 
16V. 
37W 
13>A 
IS 
ll'A 
34 V. 
38 V, 
4316 
20 V. 

18H 
I4Wi* 
19M 
28 '71 
12V, 
1176 
1946 
20 Vi 
BVj 
44 ■* 


ij5 12^8 r VS » ip silS 

3S KKg^'iJ ! i $ 

Sifoiav-TO*!® S IS 6 ?-? 10 its ffif, 20WW6«*Vu 


„ _ 105 VI 
93 4J 8 336 22 
21 COmoBnc .» « “ 7 

tnCmnrtL — ,3S HiS . 

un SVvOPlWwrtl - « ‘S42 ^ 

“■'- 24V/Compowr - 18 Ml 11 

8 comwri ” m M 7 M 

^’Sgp 1 1 

- *?n« s 

13V, WCopvW 2543 1C 

171/1 9 £!IIIK= - 11 lus 21 

23V. 1 5¥u CorCobP — 04 1338 51 

61 V. 36 Ccrtfc “ 699 1- 

»f* J^CorrtCpS. - Q 1ml ,, 

36 IO Corimoa 36 164 li 

1746 8*6CorctCD , 0 “ 2423 II 

31?% BtoGOitQP •*** — nrt lOJl 2 

^ 3 13^ l! 

S 14^S^ - J5 gg ? 

^lO CrdAcDJ -sfi-irS 1 

s i^ga = ?i is 1 

47V, IBM Cyrix CP - 13 < 

444b 20V« Cyril “■ cam 

7 WiCylDCn - -■ — 


2SV»17MgFdMl -56 
VTVi’aVVRFrtCP -*0 

SS ZlViFSgCP. 1® 
046 37 FStB" 1 1 -® 
2316 IB gSWV 
14V. aViPlextm 
M44 7 'A Hoorn® 

7W SViFdLJoB ^ 
746 S gflj>A 

l.M 

18 ffVSFrmriTc 

gaA-gas 1 -» 

MVs 5 Funco 

8 

l^l’viGPfticl A 

|J!a iP 4 Garincr? 

21 94SGOH>nto 

24*6 9UGo1«2000 

47V» M GTiOHlt 
32V, lSMGortMutr 
W'ASBViGwat'nEl 
jcu, 4K.GensJo 
3SV.18 Centex 

r’fcgF 4 

14V, 646GiteO0 

2616 19MG<XJUS? -1 
26 V. 16 GmteC - 

BSBSi® 1' 

UJS.taBffl ■ 

33 15 GnovoB 

17 *2fi??*® a 

3*14 1846 HBOS 
; ■ 
! ir'usBssa 

, 26b»20v,Honil pj 
a 1766 U*6HowenB 
I M 12 ’AHUM IrtC 
' S 17*AHBftMW 

* n46 1SV,HI1CmP 

: 36 ISVVHttwAmS 

- M*613461WTc 

; 

“ 19 616HenxTc J 

4 9V« iV.Hemowxt 

4 31 14V»HerbHe 

„ 364610 Hlywies 

1 30iS 9*AHtwdPk 

s 3 *S 3 S& 

2 19 V, 8Vl.t6onwTB» 

5 34 24 HonlnO 

2 1816 llV.Ho.nb6 

* ?S?*« 


■a s 7 344 ts3 niA «■* - 

* » 10 2*3 \ %» 

nse 3 ft 897 1616 ISfrl ffi * * 

'« M I s ® 2?^ 2 ^ a Sp^V6 

“ m « re 

* 8 *B 

'■“ ^siPpSti 

- 42 844 1946 19 1916 —6" 


' 33 2BV 

33 9 1001 

„ 22 272 
Z 57 733 
: 11 m 


186> IB 1W *}l 

Jilt 20V, 20*6 — ^ 

1111 


- f, S ftK 

17 209 22 21 21% —4* 

- » 8 on «'* S'* _S 

- - *M ^ ^VS 

-= s »«5.5i 

si-MlrlTi 

- * H& ^ !?» 

JO i5 i 6W -S 

S| life 

% « I s is SS 


kir^ : 

KM^aSfert. " ^ 137 *K S8CS^ 

riats® c =aJlsSSiS 
BSgLl =8 

r.is5 M »4A vU 29 ¥! ' 

19 iQ46t»enW6 79 2515 2946 jj" «, , A 

Elll'llii 

- =Sas i 1K4 
fciw - 1Qe 3 B « » ^ 35 j 

13V? 7*6UWS«C _ 3983 Su. _ 

.Ete 

wS ISVi M ortnwH "• tfl 3SO lOVji w ]8|^ JA 

i©* fl iii Hi 

\*A ShKJsss. - s 1® % 3» 

: ffSSS. ' -HEflfilt'S 

26 12 Models J2 as Z™ mS +? 

i = « 0,5 ^ lz sJt 

' 23V, 546I WIaggg j* — M 271 21V, 20J6 20V, —V* 

\ ?a , ,as!W 0 - ioe 3^® as? 
lig& - -i r sl a bb;? 

* iitt^SSSSSn 70 ?3 *S |E£ S3 :A 


rrffl Hf* 1 . 1 i me 

^^SS£n 

40'A 21 

MjjlShpSSw ^0' 

sareST 1 

lfi% BJ65 SStp1«S 

se® - 


: S.a m S MV* -» 

-iS 3 ® 1^ §saS6-iS 

■ 4no 15 ii l?i MV? ^ S£ ;52 

ox 3 35 2dS7 39 Vi 38Jtt ^ 

| ill aa,«s h 

^5 - " 232 1» IS* }» + * 

^ fi 1 iiS w 

E8^BP®S=S 

- _ 92 15% J 


V«BB 


B3LBS 




3 IS erowrB ^ U 3? al 1846 18V6 !»% 

Btniige. - = *r.”r,“ ^g»-a 

1^6 7 GuPfO **■ *h «ci M 2BV* 7BV* — W 

^aasgr* ^ 

^r.& * ,3 ,| *« »s 
P'SfflSSS 52 - - » ^ 1SVfc ss* _ 

E a * M SB *« 

O ljvitSflMW - g /ISmSS 

= s sji s; + ? 1 

16 l3 u 295B w *55* +Z 

l?* 6V6tSlxTe» M 2.7 18 213 16% 1M- l*% + 

*"■^*557 - ° i i s sa Bi® 

'sa^aasfep e Is ™ ^ 

19H,,“5hS™TBi ,7 17 1 § 271A m 5 PV6 j»% 

34 24 Honing M « 17 " lyy, 1246 1246 — >A 

airs® * ^ g* ai®*“C 


aa® ,3 « ix BBS:; 

■” - 1S13S ’gS ,25, S& ~~ tS 


Stisgs 

28 16V« PtwCSJ" * 

30*AlBViP2jS2m 

S7*6l8 23S»® 

i^lff | 

3o*a s ES3S. 

29% ^WPIoWrfl 

©2 »%3°2= 

SSfiSgS^ 
s' 'WssK’ 

2I%12%55JM 

33 20 pnrnami 

15% 2%£0SJ 

2S4fclC46 Pron nL 

^l?5tW?ma M 

3«h 744Pm»ma 
M SMPur eTc 

17 7 n 

26** 15 PurlTBen .12 
16V, 5=*6PynjT 

17 ’ViQingV 

s*s ssg; ^ 

2U% nwouws* 71 

42%27 , AQV»!™- -a 

a^vtwQupgraB JO 
25*6 9'AQoldMP 

1 .ISK - 

ffiiCagfinH ■“ 


- Z 9 ? fS C 

" M 20 37% 25 - 

unte 

- 75 i^up «wjL'! 

- 1 13B W6 9 % -5 

z *'?i a 

= >A«SB4 

- ,85 ^ W* 1SS 

= s* 

50 ; 18 m3 

Z » »» a2% -» 

5 JO 4 s ,S 13 12 13 4-1 

’ - A <% k if* is*-* 

*> * * 3 3 

j2 is us 


224610 5?0"J2S: 

Seysa,. 

5 &JiK«L 

BfflSsgT 

T'& «a® 

s: 


®'a^s 

13% 6V>Svm«nc 
2M 6%Svnmr 

14% 3%g2JSSU 

rum 

jSi^giga 


AS* •* 15 S aK5 

= =ix *a3 

- “ ii’i 1 

31 “f 7 4!S“^ss:a 
m *2 ^ ^ sa sa s — % 

- 3 sl^iP!k : ! 

- a 22170* S 

76 I 1| US »SS »% 5% -j 

- *SS “m’Kiili 

= § 1 p |FI 
=i’sr«’lir3 

- g 'b 20% ar* 31% — * 

- T.H.O ^ 

— V. 499 9!A H% 9 -IA 



p . " ^ y _J 

5 8 s 3 f % gB'IS ^ 

PlS-?§l|8p 

iwir^j = f§ ^ {^ B gft 3 

1Z£3S w SSSKb ijoo jl J 46% 


ppovf 





ajasiB? r 

Bt'Ssu 


-a 10 ® ^ 

jn ^lllsSSI 

^-IPW 

- ,-S T 5 S 11 loE 106 -% 


5X0C N . 


1 SS™^ J8I - Q ’££ ^ 15 M6-5 

14% 746 Twr Auto — “ *37 20V, 20% Wft +% 


bbb 

82%Sy*M lcftN t 
34 i7%MktWars 
OT 9% WCTA B» 
31%12%M|orU»» 
11% 4*AMacrocTn 

4 ^”*S5SS? s 



I D-E -F J 

s*wajr , 5e = ?$5 ?& =b 

31 S*4CKxtiorit — 1? ,5^5 21% 20 f* »1VJ — Vre 

23% 16%D**os - 'Sg f 7ys 16% 16*6 — V6 

19% 12 DotsO* - " S A 11% 12 + W 

'iK KkDQlcWrt,- .-5 if, MV6 23% 23*6 *■% 

^7V,22%DQORbn IJ0 4J 11 1^ 33% +V6 

gjrBsEsf = § gj jr s sa -% 
fea^KSfc = B ,g k jib J5%JiS 

, j3 . 3 * « gg S5 S5 j: 
BittW = - B ^5 5?5J?5Tg 

piffiBsar jo 43 z % ® ik 5% :a 

- - {*« “5 mi 4% 

39 3 8 5B5rw - 14 1872 T2vS nv, 12% * ... 

3SSU5SSS5F jo 5 fiig »i* 

saisissaar = ‘ I sa sa r 

| A, i.*^r ,j s ‘s ;sa is «s ‘-S 

SSSaBSSS * - S is ss s *£-"*. 

nA 7 AlA. Til irimfl I 


BoomtAjn 

Barlnd 


rsaK 1 . ,4* sa &. r -« 
Pa rSE = 8 ,|S r « r = 

19 7%EBtHrd -4 1J 27% 27*/* 27'A -. 

24% Earn von M 2J 9 18 2 % 2J6 *Vn 

8% 2'AEcOOTn - S fji^J 14 14% + J* 

39 9V.E SAB , - 54 i^ullV, 11 »1% »}* 

11% 6%EO«*«Xl - « ‘372 20% 20'A 2B% *% 

21% 8%ElcSd - 1? 1417 S% 31% M -% 

50% Z3 BtJ,>4s — 1I161B3 19 17 17%— 1*6 

33V, 12%HKArt - » W3 Z7*A 26V,2f^n— ' v n 

29% 13'AEFll — » 47 ,4 13% 13% — 

16*6 11 EllimUBd - - 968 13% >3 13% ♦% 

13% 3%Ermto*s - f ^ 13 ^ 12% 12% -% 

1 4%T“eI££i I _ 1303 3%, T>» 3V\« *Vu 


22% IAWri*""5V“ 

41 HMHutrtVT 
7% 2 HvdrTch 

77 Vi 10“, I- ST AT 

20V, 5V.IDBQT1S 
35%25'AldBXxU* 

7% 4'AlDtWVenw 

71% 7%IECBC 
33% 22% IHOPCp 
40<.j 18 I4ARS 
16'All iPCInfo 
15% 6 irnvLoa 
13% S%lmunBBP 
19% lMSimunex 
31 lO'AlnFocu 
71 6V«lnacam 
20% 13 IntltoC^y 
34 20 V. infinBrd 

35%ir6lntoSo« 
39% 11<AlnfoRes 
311614'AlntamHX 
24% 1 SV, InMFn 
29 l3%n3M 
IS% 10%lnsitTc 
38% 24% InsAut 

g5]S5!S^ 

155 ffi£ES«t 

1V A J5K 

11% 7%totapn 

Ttt®KS 

IftikESE 

30% IS 1 nil moo 
18 BHlntervIv 
17 FAMVOiC* 
73*A27 Int uit 
35 Vm 2SV, Invcqrn 
231% 81 H0Y0WJ 
23% 14 Itron 
20%lO%J&JSn 
41%23'AJLG 
27% 22 JSe Fn 
, 7 10% jaajrOTt 
45V. ZHVl -MltrC-P 

23V, 12*6 Jetartn . 
30% in%JoWwni A 
18 11 JonelA 

21 WViJffioLt 
23% 7% JFFoot % 

1 S"/es® 


■ 1 ffag-a 

* | J w l | 

- zzX% WhM 

z 44 431 33% 33 W +* 

mmi 

E E'S B BB32 

E “”s s£ 

- g^-fe 

asps 


BW. 

s*sa« s 
sai»sa> 

25 12'AMIWtS- 
24V6 14%MMT»I 

31%23%MOC»n -52 

36% I0%iwtanawk 
« 2MMalW) -25 
33% 24%AS«flexA S M 
31 lfiViMoBenM 
22% l«6Won£vS5 -19 
W% 6V6ftAortPas 
12% 4%Mmmm J» 
32% 14 %MovtoG<4 
21%15 Mutt ere 

3a%25V.IW4tmOtl 

33 24 MACte .M 
21% 14V.NN BaM M 

33 25%N5Ba> 33 

iriA.ii%Niwoa 
24% 4*6NatrSty 
32%19%NOUliCn 

34 23% N0*t COT 

25% 17% NefcnT .1 

17% 7%Ne ttinm e 

39% 11 % Neimno s 


13% 3%r*/*lnw 

9% 6%NtwfcSV 
21% 16% NE Bus 
16*6 3%Nw|m« 
14 8*6N«WWrtd 
25 8 MwpKRs 


■12 3 | « 1MJ '|% 811/m -Vj I 

r if Sg i|v6 i«*w%j r*S 

.12 3 16 ®B 18^ \%£ _% 

- "sBPap^ 

LOO & * SiuSS 51% — % 

= 1U«£B 

\mMi 

1 

- 28 4267 19% ?BH 

- 13 f 8 SB-5 

* 

-19 942 8 7% J% -’£ 

^ ^ ,an [fit 01/, 8% - Ml ' 

** J - *S ?SS 25% 25% — JJ 
“ 14 34 19*6 19% TWJ -"J 4 

I 12 879 28% 37% 27% — j* 

H4I- AO _1 

1-5 {§ ,8 fflfi ?S SB + a 
= “ S 1!% 1® ig -£ 

: sgs sgB** 

,6 Eg “B 8% SgBdS 

| - 61 1996ufl% M% 

= i ® ua 8t 

JO 6A 14 gO J* T% 

k - Z !®. USA’J 7 ia. 


Ta'% 

19*6 16V.RPW 
11% 4%Rtx*ceG 
IB% 7%RadjuSS 

24 9V, RdnTc 

12% 2% 5^15 

24Vml3V.ReC.te 

19%io%R«>£R> 

ss 5%^a 

iLTHeBESSl 1 


i ” m m ® d; 14% ^r^uto - - - ^ j% « 

’ ■* ,;’j !B ii HaTtt , 3 fl 5S ^ SafBIa 

-R-S J 1.00 W 14 g gg 3g'®-| 

aiw 1 * x i 1 1 J 


iiltffa. 

- j? ^wumS ST 1 SJS 

■*“ 42 5596 17% 17Jf JSJ !S 

= 1B 

:4»ss 


M V ' l5%R~«n* 35 ^ 1^ 31% »%30jg-ftj 

s** 8!SE. s “ = « » r » 

25% 11% RenatTrl - 14 496 7% 7*6 7% 

15 fliSSSf Z -4913 Wu s s -»g 


4H633%TrnwcK i.w — • 74 25% 25™ -Jf 

- n isfi » » IX? 

am 

Sm,L^ jS “3 - '•« a" *®^ j; 
Sm'R^r : S S S» 

19 12.. 1 JB *3 16 2244 22% 22% 22% _ 




:-.;>1|ffla 

. r ^' WH1 
•1T-1W ^ 


if 4 9 2 £SS&> 

sb 


I M 496 7% 7% 7% -% 

jj b U ■ » lf% 10V6 IgVJ -% 

23% S Raw™ “ 25 {jig ^2% 4% 4% — % 

^Cfe s ■ :n, 3 s® 1 55 > r s 
Sa .10 = ? 3 ’gw BTSS 

U%lH6rag? 5 11 741 r |S;Sll "iS 

ShBsM* jo'ij a 8 safflga 


s“^bS® - fl a* LF; 


10 -S^ilal^TS 

f^ilipl 


S?% 2SSSS jo- g a Si {& 22 

I ^igs ?s%n _ - 

1/V.lOWKraS? JO ^ n fS 28% 27% 28 -; 1 

is {&gs£\ ^ o - w i a?s a%ag*w 

55 47 1 A Rousg Pf - 1 - 25 4,7 75 326 19V. 19% 19% - 

n’Al^RuroWrt r 13 13M 7% ,!*. 

9V« 5*6Ry]Wf « 34S7 15% 14% 14% *% 

19% 6% Mine — 3? 1154 18% 17% 17% — % 

M%12%sgs« -= HUg {7% 17 17% +% 

CTA HWpFeri J8 7J “ 34?} ’St ^4fa 

i.96 Si sSiS'S 

£Rg.4al^BLt 

3 1 % 1 5%S«ai*io “ 22 M3 9% 9*6 9% *% 

aa aeaa - -,s; ss aaas-s 

II 13 a^Lsa r *a 
ssas^, , ,e 32 sa ® 8 ji 

29*621 Sctitems JD ‘ 9W 7Vu 6% gbr?* 


M « 52 ,ls c *4 

J4 M 15 m 12 11W 1*B :£ 

= ?3# *?=! 
= s*SSB^S 

IB 3 11 542 39 37% 37% “** 

* “ ” 3 i ^ 

- n ^iBB83 

= « as 

g r iwfc-3 

« ll a M£ 11% 11*6 11%—% 

• u WdSS^B 

J2 v3 18 117 Z7% 27*6 27V? _ 


23 B mwwM 
46*6 ITANextrtCm 
9%5%N&lePr. 
40%26%N or»tod 
43 51 HortJm 

49% 31 Norda 
19*614 NOfTOjI 
*W SVuNABte 


= * ?i JB 


2? SutBTnt 

IsSm? 

s?S 

44 15V6 VOfXrttx 

24% 14%V«rUne 

I i^^sai 

23% i2%Vmorfc 


219, UWW »»S - 13 1398 7VS .< 

9V. 5%Rvonf “ 4B 34B 15% 1* 

19% *%S3UK “ n 1154 18*6 171 

22% 12*6 SO 5y* .. 5 19 136 17% 17, 

CTAnwa^^ 3B “ -36?} ’sS m 

iS646%srf«» 1-96 aj ^ 2® §\a S 1 

% a 8 ® ws is 

liv, fwSCTJtCrz I “ B84 106. 1 

23*u l%SOPter« — — 20% SB 

78W. WW Sm dBdc ,2 13 ’7 W% 19 

33 , A17%SCtm4xr Ml >■» 51 

51%33*iSetlOjCD - g jSil’A 13 

IffiS^SaSK. Ml 1 J 23 «7 27% 2< 


48*4 37% WD 40. 

S%ia%WLRFd 
31% 16%Wotora 
to 29% WaflOOln 

SvwiSSwsc^ 

« « 415 5% 2%3fi-£ 

« b n 1 J ss 

a%19%Wc«qP» ]i J ^ 10% T7% in* -** 

CWB * sillfflM 

stg R« sss. a 

Rt.stsga& * , 3 ? a B J^aa^* 

aa,™!ffigir - c 2 S « «3 

issM? :*’SrP]i^ 

ISJSSSSSiS * a ail S3 

fair sir « ^ « a C Sr -* 

jBiPSU ESMPfc-A 


* “ s® ijs 5 g -=5 

- ^lllilixl 

1J0 ii s -T-SCta 

E iBpm 

:z*ibW-4 
■“ ^li* s3r*Ts 
HsiyciL3 

W-X-Y-Z 3 

TffflWFlS 


5 » -as 2S 2££?sSr£ 


i b W 

* l I^v 


?£EtJ KStSi J20 A 11 615 18*; - r +s 

=8is ,r if 1 a hp 


13Vh 3ra Ptwjnm 

saiasa* 

?saiRK A 

3S!U« a 

19*6 10%OFT1 
14% l%Odaoon 


1*% 11 wchuloo 

{55 S%S&n 

35%2j% Ort)Q3 
lK 3*60n«r 
32% 13 V. OmtCnm 

29*41 0*6 QpOJD t 

46% 24% Drag* 
26% 14 OrbSd 
22% lOVjOmcto 
21%12 %Oi»iBA 


12 Morth. _ 
High Low Slock 


=w£ffr$ 

- ’El* a 1 11:^ 

EsIJiS'SlzS 


' !fl *- ”1 1 liTS 

I 32 2325 29 % 28*4 29 rr 

-■'•SS^S wStt 


29*631 3 M!S.“'J» 

34*6 4*6Sdaore 
49%21%|oe«™ 

52% 25 Sctowd 

u% 4V.SdOBNOV 

26%1FAS CP«_^ 
19% 2'AScareSd 

20% 14% sc«a 
51*»M SicCdP 

24% 2%gtnwGp 
22*6 liwsnoowd 
14% SSSh uWW. . 
M'*17*4g«AWJ 

36%14%SeroOn 

16% 6*4SterSm 

1F6 4%S«nDp 

^“/.sSSvi 

23% 10% Softool 

IS 


- ; s ft 

- 1® *£ T'IS'w 

? 13 {?s ;ss .felas^s 

=«^4dll’l 


" M « S06 Wp 4% 4£ 

= B »s ft {5S?? 
* 83 E25S S52 B3 
= = 9 ’IB 'SB 1 

■“ 13 g ® 20V, 20 

-? 3 s | d PI 

“ T E 422 21*6 20% 21 

= “tS 

r s ”W 19*6 2C 


33% 17 VVsTWntr 
i9%i2*6W*tpiay 

M%10%Wk*Lu 

4*% 2BV6WtocCT 4 

~* v " tS uionAor, 


r! : ! v,it .*c# 
-- -- > t #m| 

-:.5 W | 

V. 

. .VTw- 

w;-v »'Hj 

•*•• .* hf« 

.. . i* - »* 

.. '.yfcti il 


laifiHV -.< 

• ,-^j bi¥ 

«S!L* 

, . . : -. 3tdt_ 

’ ■ ’-' '- 1 . -a* ii 

. ... . •_■ ^*35411 

. • ’Ml 


Z - 7S8 Ifi? 
I - 2977 J3% 
J8 2J — 290 14 


I 2977 13% |g «•*-»“ 
“* 2M 14 13% 14 - 


BBfssgSp -« g " i*| ^ 


iB “ {TS%=f 

ga{r& = 1 "gu* £& ss =a 

iKigs?^ •» ^ 

az^niAYwgr - ,5 ,Sm ra% iw lifi -w 

|J J%Z£fioCP - g ‘jon 37% 31 r 

57V, 23% zebra “ S SS M*6 23 »*♦*&! 

36% 13 ZgnL rta “ 17 1319 29 28% 28% — % 

lE«C w qilfclBa 


VM PE iS Wo 11 Co wCole^Ch'Be 

.- - «S 22 

gE i»as;B-« 

_ I 70 2% 2V. 2% - 

-- n 1 > 1 1-« 

- 13 U 13% 13% 13% -%. 


12 Month _ . 
Mi Law Stodc 


98 

DM YM PE 10M- 


M LnwLoWtOl'B* 


12 6W* 

MiUw Stodc 


•at5 

VIA 7*6ThrmP 

igj’rnBar 


Sta 

Dtw VM PE 1008 _ 

=9 9 

:S % 

- • 15 « i g {8 
" I 2 fg 

J 

dllfl* ,0 ? 

JO 23 f3» 

.14 1J fT 29 


hmi bnwua Mtty* 

«B]|B'^ 
3J B ^Tfcig 

786 7*6 716 *» 

’SIS ’iSjS.a 

. 13% 13*6 13*6 -% 

Sill 

,1 iKrEs. 

17 17 17 +% 

1% dl%. 1*6 - 

2 S2.i 

Lilli 


:.-^G 

'• ::: r.*W 

. . \'.'i.(l-6 
■ - 

.. »';y«a 
: 1 -i-tpii 
- sfivii 
















































spon-.soreds ecttoSSSSWP 

•>— - ■. j i-. ■- *u'» ti , 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 



SPONSORED SECTION 


S 


Freedom to Raise 
Funds Abroad 
Stimulates Indian 
Stock Market 

Eurobonds and GDRs raise more ihun $4 billion, 

Indijui companies enjoyed protection from foreign compe- 
tition for years, but there were costs involved. High tariff 
walls raised input prices and allowed industry to remain in- 
ert ic rent. In addition, capital was obtained at a high cost. 

Indian interest rates have traditionally been high and have 
made borrowing an expensive proposition, but share capital 
was not cheap either. Government controls on capital issues 
and their pricing meant that companies had to sell their 
snares in India at steep discounts. 

All that has changed. In the past two years, interest rates 
nave been scaled down, and prime borrowers are today able 
to ooitow at between 13.5 percent and 14 percent, down 
. P 1 J " Percent and more in the past This is a step in the 
ngmdirection. but Indian rates are still high by global stan- 

Companies cun price their equity offerings more freely to- 
day, partly because it is now simpler for item to raise hands 
abroad. Until 1992. only a handful of Indian companies, 
mainly public-sector units, were allowed to raise funds 
abroad, all as debt. Since 1992, the corporate sector has been 
given greater freedom to raise funds overseas, especially as 
equity or quasi-equity. 

International instruments 

About 50 Indian companies have done so since mid- 1992. 
and 1 50 others have lined up to tap the Euromarkets. By the 
end of October, over $4 billion had been raised by Indian 
companies from Eurobonds and global depository receipts. 

The first Indian GDR was issued in 1992. Since then, 
some 48 GDR issues have been made by Indian companies, 
representing 3b percent of the $1 1 billion raised globally 
through GDRs so far. 

In the past, many Indian companies were able to price 
their GDR issues at premiums over their market prices in In- 
dia. The demand for Indian issues was high and growing. 
This phase lasted until a couple of months ago, but with ris- 
ing U.S. interest rates attracting funds away from equity- 
backed instruments, and with global investors becoming 
more chary about the Indian market, the premiums have be- 
come exceptional. 

Discriminating investors 

B.H. Jain, chairman of the Jain Group of Industries, says: “In 
the Euromarket, equity is priced at market- related rates. Pub- 
lic or rights issues in India are currently priced at heavy dis- 
counts to prevailing market prices. Besides, so many Indian 
companies have launched ambitious capital expansion pro- 
grams that the domestic capital market is not able to generate 
the necessary' funds. Also, issuance costs are lower in the 
global markets than they are in India." 

A public issue in India can cost S percent to 10 percent of 
the issue size, against about 4 percent for a Euro-issue. Jain 
Irrigation, part of the Jain Group of Industries, made a $30 



*■ : 

! 'llllll 










The Bombay Stock Exchange; The powerhouse of the Indian economy has become more open to the rest of the world. 


million Euro-issue in February this year, at a price of $ 11 . 1 2 
per GDR, which was convertible into one share of the com- 
pany. 

According to Mr. Jain, some Indian companies priced 
their GDRs high, but “considering the medium-term earn- 
ings prospects for the companies, the pricing was reason- 
able.” 


Most GDR prices have moved in close relation to domes- 
tic share prices. The enthusiasm for Indian paper has not dis- 
appeared. but what has happened is that global investors 
have become more discriminating. They realize that not 
every Indian issue deserves a premium. In the process, some 
good Indian companies have been forced to sell at a dis- 
count. 


Vital Sectors Of An Economy. Cornerstones Of Our Business Strategy. 






m 



















m 



m International Tirade & 
Marketing 

■ Private Banking & 
Financial Services 

■ Automotive Industries 

■ Petroleum & Lubricants 

■ Chemicals & 
Pharmaceuticals 

■ Real Estate Development 

■ Power 

■ Information Technology 

■ Telecommunications 

■ Media & Entertainment 




...Your Passage to India. 


mWDt'JA 
CR« l r 


T H' d a Group's flagship company is Ashok Leyiand. A major manufacturer of commercial vehicles 

In In ,en QOOl certification, Asfaok Leyiand has just introduced the Cargo series of world class 

9/ld 8 in technical collaboration with IVECO. 

coiwnefo e of local expense & global presence, the Hinduja Group plays a pivotal 

Br ^ of d* r«^y liberalized economy, 
pjle in shaping tne V1H ” 


® Ashok Leyiand 

19. Rajaji Safai. Madras - 600 001 . India 


What Is a GDR? 


A global depository re- 
ceipt Issued by aa Man 
company is a doBar-de- 
nozninated instrument 
traded on international 
stock exchanges. 

• It usually represents 
one of more equity 
shares, denominated, io 
Indian rupees. The 
' shares are.isitied.tonde- ‘ 
posrtwy, m whose name - 
. they are registered, and' 
withwhose agent, a cos- 
todiaa, the share cectifL 
cates me physically de- - 
posited. After a Cooling- 
off periodof 45 dayS; the 
GDRs mi be redeemed 
in. exchange xif shares. , 
Yfbile the issuing 
corj^auy makes rtsdivf-;. 
dead pajiout in rupees,- 
. ■ the custodian, pays the 
fore^-.imrestora'iB-dblr’ 


. : the :» IS»jae' 'iti; g&Uaf*. {■ 
which ib chi hold abroad 

, and goods! 


convertible, the interest . 
accrues until tide coaver- . 
tion optica is exercised., 
in which case the bonds ■' 
can be convened into 
shares of the issuing . 
company. 

GuRsareanexceBeui 
instrument where inter- • ' 
national access to local 
stock markets is limited 
in India by policy dr by 
. technical difficulties. - ' ». . 

In . such . cases, the' ■ 
prices of GDRs traded in t . ■ 
international markets (in- 
dependently of tile local 
trading) are often higher 
or tower than tile 'prices ; 
of.tite onderiying shares- 
they r epresem in the is- 
saers* local . markets. 
-This has' created' some .: 
arbitrage opportunities ♦ t 
for' inrcTDaffonal id-' : 
vestofsi-. 
t/GBR* area 

..new tostrument in the C 

• 


;.beea urtrtidoced, ifejujet : ' J 

'CStibankm the form 
$40 million issue for 


; > ‘ J- • *)' ,. >* .. .. * v*. 


.5®*=^ | 


One such company is Larsen & Toubro, considered 
among the best blue-chip companies in India. It made its 
$150 million issue at a 9 percent discount to its share price 
on the Bombay Stock Exchange. Another is the Indian 
Petrochemicals Corporation Ltd., which became the first In- 
dian public-sector company to make an equity offering 
abroad. The $85 million offering was made through a GDR 
issue priced at $13.75 per GDR, representing three IPCL 
shares, ar the equivalent of a 13 percent discount to the Indi- 
an price. 

Not all issues have suffered this fate. Bajaj Auto, India's 
largest scooter and motorcycle manufacturer, raised $110 
million from a GDR issue in October at a price that was mar- 
ginally higher than the price of the company’s shares on the 
Bombay Stock Exchange. 

With IPCL leading the way, several other public-sector 
companies, many of which have already listed their shares 
on the Indian markets, plan to go to the Euromarket for 
funds. Among them will be the Steel Authority of India Lid., 
which is planning to raise $350 million from the Euromarket 
early next year. The Oil and Natural Gas Corp. aims to raise 
$ I billion next year. 

The long list of private-sector issuers that will raise funds 
in the international markets include Essar Shipping (which 
plans an issue of $172 million), Ashok Leyiand ($150 mil- 
lion). Videocon Appliances ($150 million), Indo Rama Syn- 
thetics ($125 million), Mahavir Spinning ($100 million). 


“More mergers and strategic alliances should 
stimulate the Investment climate 


Mardia Chemicals ($100 million). South India Shipping 
Corp. ($115 million) and McLeod Russell ($100 million). 

In addition, India’s financial sector giants are preparing to 
tap die Euromarket. The State Bank of India, the country’s 
largest commercial bank, the Industrial Development Bank 
of India and Industrial Finance Corp. of India, the country’s 
largest development banks, are among those planning to 
raise funds through GDR and bond issues abroad. 

The fluny of GDR issues has created a mido-billion-doUar 
market for Indian paper outside India, to around 3.5 percent 
of the total capitalization of the Indian market Some ob- 
servers expect the proportion to rise to over 5 percent 

Expansion plans 

The Indian market should continue to grow as industry in the 
country expands. Companies are busy with expansion and 
diversification plans, and they need funds. One such compa- 
ny is National Organic Chemical Industries Ltd. It is merg- 
ing with its associate Polyolefins Industries Ltd. and has an 
expansion-cum-modernization project that will require 
around $15 billion. 

N.M. Dbuldhoya, NOCIL's managing director, says: “The 
economic outlook over the next three years is bright. Agri- 
culture, with an estimated growth of 55 percent in the cur- 
rent year, has made a significant contribution to the coun- 
try’s GDP. With agricultural surpluses. India's growth 
prospects assume new dimensions. India is on a fast growth 
track, and by 1998-99 an 8 percent real GDP growth should 
become the trend.” 

Mr. Dhuldhoya adds: “Corporate performances have been 
remarkably good, and more focused strategies involving 
mergers and strategic alliances should stimulate the invest- 
ment climate.” 

Earnings per share have risen steeply in the first half of 
the current fiscal year, and the buoyancy is expected to con- 
tinue as the country pushes ahead with its reform program. 
In this scenario, the prices ar which Indian issuers offer their 
GDRs may fluctuate, but demand should remain buoyant for 
some time to come. 


‘India’s Euro-Issues” 

was produced in its entirety by The Advertising Department 
of the International Herald Tribune. 

Writer: P. Ananth. who is based in Delhi 
PROGRAM director: Bill Mahder. 









SPONSORED SECTION 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 


EURO- 


SPONSOR ED SECTION 


Indian Economy Is Bouncing Back 

A strong rupee and a dropping inflation rate are giving business executives new confidence. 


i^Lfter two years of stagnation, 
con serf partly by the tight-money poli- 
cy adopted by the government in i 99 1 
to bring double-digit inflation under 
control, Indian industry is back on the 
growth track. Sales of a wide range of 
products are booming, and the impact 
is showing in the half-year results of 
most companies listed on the Bombay 
Stock Exchange. 

Most groups have been able to con- 
trol the damage caused by the recession 
and intensified competition. As sales 
rise, businesspeople are sounding de- 
cidedly more cheerful. 

Leading the industries that have 
bounced back after the past two years 
of recession are the automotive sector, 
steel and chemicals. 

Some companies, such as truck 
maker Tata Engineering and Locomo- 
tive Company, and petrochemicals pro- 
ducer Reliance Industries, are predict- 
ing turnover growth of over 30 percent 
in the current year. The Narasimha Rao 
government feels it has succeeded in 
turning the economy around in two 
years. 

Economic reform 
Earlier this year, there were fears 
of inflation going back to double ts& 
digits after the tight-money poli- 
cy had brought growth in prices 
down to less than 7 percent The 
inflation rate actually rose to 
over 1 1 percent, but Finance 
Minister Manmohan Singh was ■» 
able to bring it back, to single- 
digit levels in August, a month before 
his promised deadline. 

Today, New Delhi is faced with what 
is almost an embarrassment of riches. 
Foreign exchange reserves have bur- 
geoned to $20 billion. They were down 
to $1.1 billion in June 1991. just before 
the present government came to power 
and launched its economic reform pro- 
gram. 

Far from worrying about the rupee, 
.which was falling precipitously three 
years ago. the government is now try- 
ing to hold it down. The Reserve Bank 
of India, the country's central bank, has 
been buying millions of dollars daily to 
prevent the rupee from floating up. The 
result is that despite the steady deregu- 
lation of foreign-exchange transactions 
on the current account, the rupee has 
remained remarkably steady at around 
3 1 .37 rupees per dollar for over a year. 

The growing comfort levels in for- 
eign reserves are due to several factors. 


To begin with, foreign direct invest- 
ments have shot up from a dismal level 
of $120 million a year in the second 
half of the 1 980s to over $ 1 .2 billion in 
1993, and they are expected to keep ris- 
ing. In addition, foreign portfolio in- 
vestments in Indian stock markets to- 
taled $2.4 billion in July 1994, up from 
nothing a little more than a year ago, 
and Indian companies have raised near- 
ly $4 billion from GDRs, Eurobonds 
and debt instruments. Finally, buoyant 
exports are bringing in more dollars 
than ever before. 

Exports grow 

Keeping the rupee down through open 
market 'operations has helped exports, 
which have grown at a rapid pace while 
the two-year recessionary period kept 
imports on a leash. Suddenly India's 
balance of trade, which was bordering 
on the desperate three years ago, is be- 
ginning to veer toward a surplus. 

This happened despite a steady 
deregulation of imports and across-the- 
board scaling down of tariffs. Freer and 
lower-cosL imports have helped ex- 
porters. Capital goods, as well as raw 


Foreign exchange reserves 
have burgeoned 
to $20 button. 


materials and components, have be- 
come cheaper, helping producers to 
improve quality and reduce production 
costs. 

Some machinery makers and com- 
modity producers have been hurt by the 
reforms. There are several inefficient 
producers in India that have been un- 
able to compete in spite of the reduced 
rupee value. There are many others, 
however, that are becoming increasing- 
ly competitive. 

India's existing capital goods manu- 
facturing and engineering base is help- 
ing. With low design, fabrication and 
assembly costs, machinery making and 
project engineering are very competi- 
tive. The lower equipment costs, in tex- 
tile machinery', for example, enable 
producers of final products to become 
more competitive. 

One hurdle to greater global compe- 
tition is high interest rates, which are 
running at about 14 percent for prime 


borrowers and medium-term commer- 
cial Joans, compared with over 18 per- 
cent two years ago; The trend is down- 
ward. Combined with reduced taxation, 
this augurs well for Indian industry. 
The general expectation is that indirect 
as well as direct tax levels will be re- 
duced in the next budget, due in Febru- 
ary 1995, 

Bigger markets 

Industry is looking forward to further 
improvement in performance in rapidly 
growing markets. In the case of Indian 
car sales, for example, Bajaj Auto Ltd. 
expects sales to double to 400.000 units 
in the next five years. 

Research commissioned by Mat- 
sushita Electronics of Japan has indi- 
cated that sales of Indian color televi- 
sion sets will double to 2 million by 
1997. 

In consumer goods, two things are 
happening. A rapidly expanding mid- 
dle class (estimated at arouod 250 mil- 
lion people), deprived in the past by li- 
censing and tariff policies of the com- 
fort of better-quality packaged prod- 
ucts, is taking to new brands with great 
enthusiasm. 

In mass consumer products, 
BBS like soaps and detergents, the 
growing prosperity in rural areas 
and the effect of expanding satel- 
lite and cable-based media are 
stretching the markets. 

The stock markets are booming 
mm as a result. The Bombay Stock 
Exchange's index dropped below 
2000 in April 1993, from an April 1992 
peak of 454658, after revelations of a 
nationwide securities scandal. But it is 
now scaling new peaks every few days. 
On September 12, 1994, for example, 
the index was at an all-time high of 
4643.31, and observers expect the 
boom to last at least through the first 
half of 1996. 

Controls lifted 

The number of new public offers is 
growing, and so are the collections. 
With controls on the pricing of public 
issues being lifted early in 1992, com- 
panies have used the market to raise 
cheap funds to repay debts and thus re- 
duce costs. 

D. Basu, chairman of the giant State 
Bank of India, says: “The key issues 
for Indian industry as it seeks to com- 
pete with global players are updating 
technology, enhancing operating scale 
and improving productivity." 



If you've decided to invest or start a venture In India, excellent choice. 

Of course, you’ll now be looking for a reliable partner to help you. 

May we recommend State Bank. To partner you with strength dll-round, in-depth. 

Slate Bank was founded over 200 years ago. Since then, the Bank has had a hand In 
developing virtually every' aspect of the country's economy. From agriculture to small 
industry, to trade to corporations in the private and public sectors. 

With over 8,700 branches in India, 30 offices in 34 countries and assets of US S 35 billion, 
we re today one of Asia's top 25 banks. 

Of interest to you will be the fact that we were the first Indian bank to enter the mutual 
fund market with our subsidiary 5BI Funds Management. And open a factoring subsidy - 
SB! FACTORS. 

To assist you. our merchant banking subsidiary SBICAP can arrange a package of 
investment management services, to meet your every need. 

This apart, as India's largest bank, we can also Offer you a level of security and service 
most others cannot. 

Welcome to State Bank - a partner who's at the centre of it all. 

State Bank of India 

YOUR GLOBAL LINK TO INDIA 

Ik-d'Jipitrt-.r. Si.ni- Sink .* India Inicnutwnal Divejnn. MadAflwCmu Ruad.Bomtay WOZI • litf ■ rU-'HIft-Jw? SBTP IN - Fj» Oil SVMP3. 

Sul* Bant Oirnr, ah.- * \w» f.*t • CliKdfji • L® Mwriw • Tmtmw • TaniM • Lotion " SBI Eimmii Ud . Uwfc* • ■ Fwnbun • Amw-tp . I Ur Kmir 

• Siiwip.iv ■ I-'IV- • OsiVj . Cnlnmtv.. . Mil, . Dfuh • Bahrain ■ Up»* ■ Bhutan’ • Wjshnffiti • Swflaifcl * > uwm » Dufcu • Ww* '0<m » liUfrj . W.t*, . Trfwrw 

* H » f tam- • ttnuta * UMRiw ’ * l lo On V«h Crtv. * Ncj»r Vrenirr 



, J^^^S^Z^^ie^rei^la^iilhel^nmthsaf1994,anaolKenmse^llKlHxmioMinloim 

Businessman’s View on Raising Capital 

"The government need not have any apprehensions of a large inflow of foreign exchange in the short term. 
India’s second-lanjest truck manufac- pany, two per year per group): “The [ADR) i^ues, 

rarer, Ashok Leylami, which has a 34 guidelines are basically cautious steps land had conMctei^^ting on ^New 
percent share of the Indian truck and to regulate foreign-exchange inflows. York Stock Exchange, Mr. anananey 


percent share of the Indian truck and 
bus market, is planning to make a $100 
million to $150 million Euro-issue in 
the near future. The Indian commercial 
vehicle industry, which suffered a 
downswing because of a tight-money 
policy and recession, is now on the up- 
swing, and Ashok Ley land should ben- 
efit from the industry's improved for- 
tunes. 

The company, which dominates 
commercial vehicle sales in South In- 
dia, is a joint venture between two in- 
ternational companies, the London- 
based Hinduja group and Iveco of Italy. 
Ashok Leyland, based in Madras, 
Tamil Nadu, is also involved in a 1 ,000 
megawatt power plant at Visakhapat- 
nam, Andhra Pradesh through a sepa- 
rate joint venture company, in associa- 
tion with the Hinduja group and the 
National Power Corp. of Britain. 

RJ. Shahaney, managing director of 
Ashok Leyland, says: ‘X>n the compa- 
ny’s plans to tap the Euro-issue market, 
we shall perhaps consider launching 
the issue in the first quarter of 1995. 
Arrangements are being finalized. The 
funds are being raised to meet the com- 
pany’s expansion plans.” 

Mr. Shahaney has these comments 
on the Indian government guidelines 
for GDR issues (one per year per com- 


pany, two per year per group): “The 
guidelines are basically cautious steps 
to regulate foreign-exchange inflows. 
Considering the magnitude of industri- 
al growth expected to take place in the 
coming decade, the government need 
not have any apprehensions of a large 
inflow in a shorter period. What is re- 
quired is an effective foreign-exchange 
inflow management to insulate the 
economy from short-term inflationary 
measures." 

Price-earnings ratio 
Commenting on the feeling of some 
foreign investors that the prices of Indi- 
an shares are too high. Mr. Shahaney 
says: “In an emerging economy like In- 
dia, the rate of growth of industry and 
GDP is expected to be much higher 
than the growth nates recorded by de- 
veloped nations. This is one of the 
main reasons for the price-eamings ra- 
tios of Indian shares being high. Be- 
cause of the growth potential of com- 
panies in emerging economies, foreign 
investors are prepared to pay a high 
price. In the course of the next 10 years 
or so, once inflation and growth rates 
of the economy stabilize, the price- 
eamings ratio should come down and 
relate to the interest and yield struc- 
tures, as in other developed nations.” 
Asked why Indian companies are not 
making American depository receipt 


( ADR) issues, and whether Ashok Ley- 
land had considered listing on the New 
York Stock Exchange, Mr. Shahaney 
said: “So far Indian companies have 
been looking at the Euromarket, even 
though on a limited scale. They have 
accessed the U.S. market by offering 
GDRs to qualified institutional buyers. 
Since the size of the issues has been 
relatively small, Indian companies 
have not looked at ADR issues, which 
would address the large retail market of 
the United States. The experience of 
Indian corporations in the last 18 
months indicates that it is necessary to 
reach out to wider markets. Well-run 
corporations, I am sure, will consider 
ADR issues in the coming years.” 

Mr. Shahaney adds: “Listing on the 
New York Stock Exchange would re- 
quire adoption of international ac- 
counting standards, greater transparen- 
cy in reporting and publishing of quar- 
terly earnings. Many companies like 
Ashok Leyland do have sound ac- 
counting policies, which are in confor- 
mity Hath international accounting 
standards. The Indian stock exchange 
regulations now require publication of v 
results on a half-yearly basis. It would 
be relatively easier for companies like 
ours to conform to the listing require- * 
meats of the New York Stock Ex- 
change, which will be considered in 
due course.” 


PREMIER FINANCIAL INSTITUTION 
IN THE EMERGING MARKETS 



India is Asia’s emerging success story. Industrial Development Bank of India, 
India’s foremost financial institution, is the key player in India's industrial 
transformation. And with liberalisation sweeping the country, it is playing a 
pivotal role in helping India integrate into the world economy. 

For foreign investors looking towards India, there is no better place to start 
with than JDBI. Intimate knowledge of India's complex and inter-related 
markets. Expertise in diverse industrial sectors. Feel of economic trends. 
Products and services ranging from project funding to merchant banking. A 
team of committed professionals ... Everything you would expect from a 
development financing institution that's among the top 10 in the world and 
one which has diversified assets of over US $ 11 billion and a net worth of 
US $ 1 billion. As a forward looking financial institution, 1DBI is equipped to 
face future challenges and help India take its rightful place in the global 
markets. 


industrial Development Bank of India 

Developing India — Through Innovative Finance 
IDBI Tower, Cufle Parade. Bombay-400 005. India. Phone: (22) 2189111 Fax: (22) 21 0041 1/2188 137 Telex: 0118-2193/4312 


;T rr n ?rn r v r . 







INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 



Rage 17- 


N D I 


S 


E U 


E S 


Free of Restrictions, Banks Prepare to Expand 


Managements introduce a 

■^■ n 24 ns , have P ro ven to be 
O o°d bankers, and many are 
employed in American and 
British banks abroad as well 
as in India. Although the 
formerly straitjacketed Indi- 
an financial sector was not 
the best place to develop 
their acumen, it did manage 
to create a large pool of 
highly qualified and talented 
managers who are able to 
combine prudence with risk- 
taking ability. 

They constitute a strength 
that can help propel the Indi- 
an financial sector to the 
forefront of global finance 
now that they are no longer 
held back by government 
policies. Since 1969. when 
the country's 14 largest pri- 
vate banks were national- 
ized in the name of social- 
ism (more were subsequent- 
ly nationalized), banks had 
no choice but to ohev New 
Delhi's diktat. 

The regime of controls 
sometimes forced commer- 
cial banks and development 
banks to lend to borrowers 
with poor creditworthiness. 
The idea was to encourage 
small entrepreneurs, support 
farmers, facilitate exports 
and generally to fulfill vari- 
ous social objectives pre- 
scribed by the government. 

Social gains ‘were, in fact, 
made. The banking habit 
spread to rural areas, where 
the government forced the 
big-city-based banks to ex- 
pand, regardless of viability. 


flexibility and liberalization to meet the needs of a rapidly altering business environment. 



Savings and deposits rose 
rapidly, and as loans for 
agricultural purposes rose, 
so did prosperity in a grow- 
ing number of districts, in 
the process expanding the 
markets for consumer prod- 
ucts. durables and farm in- 
puts. 

Subsidized rates 
The trouble was that the 
banks had to bear the burden 
of subsidized interest rates 
and. worse, of bad debts that 
had to be written off on a 
large scale. Their plight was 
made worse by high statuto- 
ry liquidity and cash reserve 
requirements that blocked 
funds which could have 
been usefully employed. 

Strong unions refused to 
negotiate productivity bene- 
fits in return for improved 
wages and benefits. Since 
interest rates and financial 
products were kept uniform 
and inflexible across the 
board, the banks were pro- 
tected, and inefficiency 
thrived. Industry had to pay 
higher costs, and the con- 
sumer suffered. 

All that is changing now. 
With liberalization, the 
branch nerwork is due for 
rationalization. Many 
branches may be closed 
down, lightening the burden 
on the banks' balance 
sheets. Some flexibility has 
been introduced in the inter- 
est-rate structure, allowing 

banks to vary their interest 
rates for different borrowers. 

Simultaneously, compa- 
nies have been directly tap- 
ping the Indian and overseas 
capital markets, puling 
pressures on banks. As cap 
tal adequacy norms are en- 
forced, the pressure totm- 
prove performance is .grow- 
ing. The government is also 

more willing than P^ 1 £ . 
emmenis to adopt a han 
off policy. 

Privatization challenge 
More change is expected 
a result of pnvauzaiion- At 
ready, the Reserve Bank c 
India, the county s 
bank, has permed more 

than half a dozen 
to begin banking operands. 
These include the Un« Trus 
of India, the Bn ish-basea 
Hinduja group. Gfo 
Bank, the Times of to** 

group, the ^cor^and 
opment Finance t- f 

20th Century Finance- 1 n 

Industrial . D 5 e J Reived 

Bank oflndia have ret eivea 

approval in pnncip" 5 : l0 

Real privatization 1 - y _ 
come. Several 
banks, including LheO^ 
ial Bank of Commerce, t 


naru Bunk and the Bank %,f 
aaroda. are going public 
N» , on. Others, such as Dena 
Bank and Union Bank, are 
expected to follow within a 
year or two. depending on 
now soon they strengthen 
iheir balance sheets. 

There are currently 27 pri- 
Indian banks tmost of 
them were established years 
ago and remained untouched 
by the nationalization pro- 
grams because they were loo 
small to bother about), and 
^4 foreign banks operating 
in the country. The foreign 
ones include 'American Ex- 
press. ANZ-Grindby.x. Bank 
ot America. Citibank, 
Deutsche Bank, Hongkong 
Bank ami Standard Char- 
tered. 

Public and private banks 
arc today vying with one an- 
other to grah a slice of the 
growing non-fund business. 
As Indian industry restruc- 
tures to meet the challenges 
ol an opening economy, toe 
*.cope fur merchant banking, 
invest mem banking, merg- 
ers and acquisitions, and 
other advisory services is 
growing rapidly. 

Plans ;ti she State Bank of 
India, lor example, “aim at 
reorganizing and re-equip- 
ping the bank to cope with 
the vastly altered business 
environment resulting from 
the new economic policy," 
according to the bank’s 
chairman, Mr. Basil. “We 
have recentlv raised new 


D. Basu, chairman of the 
State Bank of India: 
“Difficult challenges as well 
as exciting opportunities. " 


capital and now have com- 
fortable capital adequacy. 
Our competitiveness in the 
markets we operate in is 
well established, and we are 
confident of maintaining it .** 

European presence 
The State Bank of India is in 
the process of building a 
strong presence in Europe. 
Its wholly owned subsidiary, 
SBI European Bank Ltd. 
(known as SEBAL), was in- 
corporated in Britain in De- 
cember 1992 with the pur- 
pose of providing banking 
support and advisory ser- 
vices to non-Indian compa- 
nies planning to do business 
in India as well as to Indian 
businesses with operations 
in Europe. This new bank 
was created because of the 
SBTs bullish view of trade 
and investments between 
Europe and India. 

Mr. Basu believes that the 
future holds "difficult chal- 
lenges as well as exciting 
opportunities." Existing 
trade between India and EU 
countries accounts for about 
a third of India's total im- 
ports and a fourth of India’s 
total exports. Mr. Basu adds: 
‘•The future offers even 
greater opportunities, though 
It is potentially fraught with 
difficulties for organiza- 
tions, Indian and European, 
which have little or no previ- 
ous experience in the bilater- 
al trade relationship." 

According to the SBI 
management. SEBAL has 
already helped a large num- 
ber of organizations develop 
trade and investment rela- 
tionships between Europe 
and India. The SEBAL in- 
volvement has included ex- 
port credit agency-backed 
loan packages, structured 
trade finance, and participa- 
tion in Euro-issues. 

Mr Basu says, ' Exciting 
new business opportunities 
are identified virtually every 
day. particularly as relanon- 
develop with other key 
international banking orga- 
nSons." SEBAL is posi- 
tioned as “a wholesale bank 
socializing in investment 
and merchant banking ser 
vices." which are especially 
relevant to small and medi- 

the 

combination of operates 
/merchant banking, trade ti 
^export ; 

rq , ed lending, project i 

ciSSS 

^ n vreauiredto run these 
0pe . ra S with many signifi- 

Sa^amagesastiKyon^ 

Charted ietn.or.es. 



Computerization plays a large part in the drive by Indian banks to adapt to an expanding horizon. 


He adds. "Our network of 
contacts and tn-depth local 
knowledge is extensive and 
has enabled many oiganiza- 
tions to avoid some of the 
cosily problems experienced 
by other companies when 
starting new business ven- 
tures in unknown regions or 
marketplaces. Customers 
will experience standards of 
personal service and atten- 
tion that larger, less focused 
banks find almost impossi- 
ble to match." According to 
him, "SEBAL offers all the 
advantages of a small, fo- 
cused bonk but has the hack- 
ing of one of the world's 
largest and most experi- 
enced banking groups." 

The SBI is expanding op- 
erations in Russia by acquir- 
ing an equity slake in the In- 
ternational Moscow Bank. It 
is in the process of working 
out the details of the joint 
venture. 

The SBI management has 
decided to make a Euro-issue 
in the range of $200 million to 
$250 million to strengthen its 
international banking opera- 
tions. The bank's desire to tap 
the Euromarket is linked to 
the growing ambition of Indi- 
an corporates to expand their 
overseas operations as well as 
to the growing demand for 
term loans in foreign curren- 
cy. 

The country’s largest devel- 
opment bank, the Industrial 
Development Bank of India, 
is also responding to the ex- 


ternal changes. “We have ex- 
panded our range of services 
to include a number of fund- 
based and non-fund-based 
services,” says S.H. Khan, the 
bank's chairman ami manag- 
ing director. “IDBI has en- 
tered the business of equip- 
ment leasing, which is a 
growth segment in the new 
business environment. The 
scope of venture capital has 
been expanded as another 
thrust area of business.” 

Advisory services 
Other areas receiving atten- 
tion at JDBI are merchant 
banking and corporate advi- 
sory services, including 
mergers and acquisitions. 
The IDBI will launch a com- 
mercial bank, a mutual fund 
operation and a stock- 
broking unit before March, 
according to Mr. Khan. 

He says the bank will sell 
up to 25 percent of its equity 
capital in the domestic mar- 
ket to raise an equivalent of 
$640 million, and raise a fur- 
ther $200 million or more 
from a Euro-issue. The 
bank’s management has de- 
cided to tap the capital mar- 
ket to reduce the govern- 
ment stake from the present 
100 percent to 51 percent. 

The IDBI's commercial 
bank will be headquartered 
in Indore in the state of 
Madhya Pradesh. The 
IDBI's asset management 
company will launch two 
muniaJ rands, one domestic 


and one offshore. Also in the 
cards is a subsidiary stock- 
broking firm that will deal 
on the National Stock Ex- 
change. The development 
bank has already taken steps 
to strengthen its merchant 
banking business, and has 
set up a special cell to han- 
dle corporate advisory ser- 
vices and mergers and ac- 
quisitions. 

The merchant banking di- 
vision lead-managed 77 cap- 
ital issues, totaling some 
$2.2 billion, making it the 
third-largest merchant bank- 
ing unit in India in terms of 
the number of issues as well 
as the volume of funds han- 
dled. Among other future 
activities, the IDBI will fo- 
cus on venture-capital oper- 
ations. 

The IDBI is also restruc- 
turing its operations to face 
the challenges of a competi- 
tive environment It has ap- 
pointed the international 
consultancy firm, KPMG 
Peat Marwick, to suggest a 
structure for its bank. The 
consultancy firm will take a 
hard look at IDBI’s goals 
and its organizational struc- 
ture and suggest changes to 
enable the institution to re- 
tain its top position in the In- 
dian institutional hierarchy. 

Meanwhile, the bank has 
decided to set up offices in 
New York. Tokyo, either 
Frankfurt or London, and ei- 
ther Singapore or Hong 
Kong. 


H INDIAN GDFl ISSUES 

< 

• , . , ; 



Issuer 

Issue 

Issue 

issue 

Shares 


date 

size 

■ price 

per 



($ minion) 

! (5) 

GDR 

Reliance (old) 

May *93 

150.00 

16.35 

2 

Grasim (dd 

Nov *92 

90.00 

iasa 

1 

Hindalco 

Juf *93 

72.00 

16.10 

1 

SPIC 

Sep *93 

. 75.00 

111.15 

5 

JTG 

Oct *33 

6&90 

15.30 

1 

Bombay Dyeing 

Nov '93 

50.00 

9.20 

1 

Mahkidra & Mahlndra 

Nov *93 

75.00 

7.44 

1 

i Steriite 

Dec *93 

100.00 

17.88' 

1 

Gujarat Ambuja Cement 

Dec *93 

. 80.00 

11.90 

1 

Arvind Milts 

Jan *94 

125.00 

9.7B 

1 

indo Gulf Fart 

Jan *94 

100.00 

4,51 

1 

Inchan Rayon 

Jan '94 

125.00 

22.51 

1 

Videocart 

Jan *34 

87.00 

8.10 

1 

G.E. Shipping 

Feb *94 

100 J30 

15.94 

5 

fndaf 

fieb'94 

60.00 

iat5 

1 

Jain irrigation 

Feb *94 

30,00 

11.12 

1 

Reliance (new) 

Feb '94 

300.00 

24.10 

2 

Tala Power 

Feb ’94 = 

7£kQ0 

710.00 

10 

United Phosphorus 

Feb *94 

. 55.00 

41.00 

1 

Wockhareft 

Mar *94 

75.00 

28.69 

1 

Garden Silk 

Mar *94 

50.00 

26.28 

5 

CESC 

Apr *94 

125.00 

53.34 

5 

Grasim (new) 

May '94 

• 100.00 

20.50- 

1 

DCW 

May *94 

25.00 

13,55 

5 

Tube Investments 

May 94 

45.00 

a7S 

1 

Core Parenterals 

. JunW 

70.00 

12.60 

1 

Dr. Reddy's 

Jui^ 

48.00 

11.16 

1 

E.l.D. Parry 

Jut’S* 

40.00 

8.39 

1 

Finotex Cables 

M'm 

100.00 

16.60 

1 

Hindafco (new) 

Juf ’94 

100.00- 

24.00 

1 

Ranbaxy 

JuT94 

100.00 

19.37 

1 

Telco 

JuJ*94 

100.00 

14.00 

1 

Sangh: Polyester 

Aug '94- 

50.00 

0.56 

1 

S.L Viscose 

Aug *94 

45.00 

6.37 

1 

JCT 

Aug *94 

' 45.00 

16.96 

10 

Century Textiles 

Sep *94 

• 100.00 

• -254.70 

1 

EX Hotels 

•Ocm. 

40.00 

13.95 

-.1 ■ 

GNFC 

■Oct *94 

. :■ • 55.00 

12.75 

5 . 

toeSa Cement 

• Qd/9* 

45.00 

■■ '8.45 

■ 1 

Usha Beltjoti 

.'OctS* 

-.35.00 • 

10.70 

■ - V 

XK. Carp. 

■.-.dcro*. 

. 55D0 

■ 8 

. . ‘ t ; 

Shriram led. Ent ' 


. 40.00 

• . 14,64 

. 3- ■' 

' BajajAuto. 

OCT94 

moo 

.25.33 

• ' 1. 

Hmd Development 

. Sep 94 

76.00 


. -.1 

NEPCMicon 

’.Nov ’94 

' = 48.00- 

.3.18 . 

. ; 1 

Raymond Wodierv v . 

• NW*34 

...60.00 

' ., 15:92 

• •■2 ■ 

■ Larsen & Toubro . 

Nov"*94 

150.00 

. -16.70 

■;2 

Total for GDRs 


3,749^90 

* ■ :i 



: . ■ . ; . 

•t : • • 



k 

■ INDIAN BOND ISSUES OVERSEAS . 


1 

testier 


. s : ■ ‘ . 
V. . 

. .v • * 


* S . . « • ■ * : , , . 




•= . sfcte; '1 

. * ■ * ■ . ■ 1 ■*' 


* % . V ’ ' s 

i x • . 


Essar Gujarat. V 

■ * 

.Vi' ' 

:r " Jyl 'sb 


""■■nz&jjo : 

Refiance industries •. '• 


■V s ‘ - Oct *93- 


•..-vfftija . 

SCK3. ,V... 

h a < 

• .. .; Ocr.^98 • 

•* V/ 

; A&m •• 

Jmdai Strips 

■' >/'. . 

jiat&S:' 


.,6050;- 

Gujarat Ambtjfla 4 J • • •’ • 


. ■ Dec%3: 

’• V-.-v 

‘.'8090. ■ 

Sterffe Industries.. ■ 

• 

• . ! ' De»*SS 


\ioom * 

Tisco .v * 

\ ! ■ ■’ 

-.*• Feb*94 



'ICJCT . ' 

.. '• 

f> . ■-..-fobW 

.. "i" 

lofkoo- . 

■ Nfcpon.panrq tepat : 


94 

* ' '• * '• 

■ .125,00 - 

BaUarpur ktdusWes 

• : ■ ’ ■ . 

*:Uay.y* 

.. V - . 

,35.00 : 

Total for bonds ($ million} .. 


A ■ ' . 

: ' " •• 


Total for GDRs and bonds ($ million) \ 



4,765.40 




•VlV.' v . 


'i *£S«IUI3KH!IW^ naswl,-; v 




V- 




•■v 


£ 





Allow ns to shed some light on a 
venture that could do the same for over 15 million Indian homes 


Priwenting a great new source of energy that's capable 
of lighting up over 15 million Indian homes. 

.4 state-of-the-art 1000 MW power plant to be set up 
at Visakhapatnam. Andhra Pradesh, as a joint venture 
between two giant transnationals. The Hinduja Group and 
National Power PLC, 

The Hinduja Croup, a major international conglomerate 
arrive in five continents, whose interests span international 
trade and marketing, international finunre, banking and 
asset management, industrial projert development and 
charitable activities. 

National Power PLC, one of Europe's top 100 
companies, generates about a third of the power 
requirement of England and Wain.. The company operates 


HINDUJA 



20 power stations and is the leading power 
generator in the United Kingdom. 


GROUP 


Vv ■ M 


New Zealand House, 80 Haymurkrt 
London SWlY 4TE 


The Visakhapatnam project is one of the 
seven ‘fast track' projects cleared under the 
Govt, -of India's current plan of liberalisation and private 
sector participation in power generation. 

With the unveiling of the foundation atom- by 
Shri P.V. Narasimha Rao. Hon. Prime Minister of India, 
this project comes closer to satisfying the need* of the 
large concentration of industries in the region as also that 
of homes across the State. 

HNPCL - Now, that's what we call a power parked 
projert. 


HINDUJA NATIONAL POWER 

(MBTOIMWM nJTM TOD 

19, Rajaji Salni. Madras 600 001. India. 









Page 18 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 



SPORTS 


Both Sides in Baseball File 
Accusations of Bad Faith 


WASHINGTON — Major 
league baseball’s labor dispute 
has officially moved from nego^ 
Lisbon to Litigation, with the 
striking players and the team 
owners accusing each another 
of failing to bargain in good 
faith in unfair labor practices 
charges filed with the National 
Labor Relations Board. 

The Players Association 
asked the NLRB on Tuesday to 
seek an injunction from a feder- 
al court against the salary cap 
the owners implemented Fri- 
day. In their charge, the owners 
said the union has engaged in 
- surface bargaining'’ and failed 
to fulfill its obligation to negoti- 
ate players’ wages collectively. 

Daniel Silverman, the 
board's New York regional di- 
rector, said be did not expect 
the cross-charges to delay his 
staff's investigation of the dis- 
pute. He said that cases general- 


ly took four to six weeks to 
investigate, which means the 
two sides should know the out- 
come of this initial phase in the 
first half of February. 

“We fully anticipate that 
we'll be able to begin the inves- 
tigation immediately and make 
a recommendation to the gener- 
al counsel as soon as possible,” 
Silverman said. 

The board's general counsel, 
Fred Feinstem, on Silverman’s 
recommendation, could decide 
to issue complaints aga in st both 
sides, against only one or 
against neither. A bearing be- 
fore an administrative law 
j udge would follow the issuance 
of a complaint. But his ruling 
could be appealed to a five- 
member labor board, then to a 
federal appellate court and fi- 
nally to the Supreme Court. 

If they issue a complaint, Sil- 
verman and Feinstein also will 


But in the NHL, Not a Peep 


rVpw York Tima Service 

NEW YORK — On the 88th 
day of the National Hockey 
League’s lockout, the two sides 
couldn’t even agree on why they 
weren’t negotiating. 

A league executive, speaking 
on condition of anonymity, said a 
meeting had been tentatively 
scheduled for Tuesday, but that it 
was canceled Friday by the NHL 
Players Association after the 
union insisted that it would re- 
sume discussions only if manage- 
ment made no renewed demands 
for a payroll Lax or foe additional 
arbitration concessions. 

A person with firsthand 
knowledge of the union’s col- 
lective-bargaining efforts, who 
also spoke on condition of not 


being identified, denied the as- 
sertion, saying that the union 
had told the league only that the 
demand for a payroll tax would 
keep it from resuming talks. 

while executives argued be- 
hind the scenes through third 
parties about who said what 
others spoke on the record 
about the danger of a canceled 
season, a growing possibility. 

One of them -was Howard 
Baldwin, owner of the Pitts- 
burgh Penguins. He was one of 
the few league governors to 
warn against the lockout before 
it began on Oct. 1. 

“It’s a crying shame we didn't 
get it done before Christmas.” 
Baldwin said. “It’s a great injus- 
tice to the game itself.” 


decide if seeking a court injunc- 
tion would be appropriate. For 
the players, an injunction 
would prevent the clubs from 
operating under the salary cap 
until it was determined whether 
the owners' declaration of a 
ba rg aining impasse and imple- 
mentation of new work rules 
were proper. For the owners, an 
injunction would require the 
players to return to the bargain- 
ing table and negotiate in good 
faith. 

Meanwhile, the special medi- 
ator, William J. Usery, has ex- 
pressed a desire to remain in- 
volved in the negotiations, 
according to the management 
attorney Chuck O’Connor. 
O’Connor, after speaking to 
Usery. said: “I had the impres- 
sion he wants to remain in- 
volved. I certainly would en- 
courage him to do so.” 

Usery was not available to 
comment. A spokesman in bis 
office said the former labor sec- 
retary, enlisted by the Clinton 
administration to mediate the 
dispute, planned to talk to the 
union chief, Donald Fehr, and 
to Secretary of Labor Robert B. 
Reich before making a state- 
ment 

O'Connor said no plans had 
been made for negotiations to 
resume. “When you break off 
the way we did and people start 
to go to the NLRB, the courts 
and Congress, the prospects for 
resuming negotiations quickly 
are not good,” he said. 

The players' challenge of the 
owners’ impasse declaration 
was expected. The owners’ 
charge was somewhat of a sur- 
prise. 

“What we're alleging is this 
union, like any union, has an 
obligation to negotiate the col- 
lective cost of labor,” O'Connor 
said. (WP, NIT) 


Eugene Gaico/Agcnee Frao-ftc* 

Forward Lamond Murray may have been stymied by the Bulls' Pete Myers and Toni 
Kukoc, but he could smile because his Clippers, for a change, were winning a game. 


SCOREBOARD 

..n. .TV -Jbpcv*. .- < L 


NBA Standings 


EASTERN CONFERENCE 
Atlantic Christen 



W L 

Ptl 

GB 

Orlando 

22 S 

815 

— 

New York 

13 12 

530 

8 

New Jersey 

12 18 

400 

11W 

Boston 

la 16 

385 

lift 

PMfcxMpftia 

10 16 

385 

lift 

Miami 

B 17 

320 

13 

Washington 

7 17 

Central Dtvbtoa 

-292 

13ft 

Cleveland 

18 8 

092 

— 

Indiana 

16 8 

467 

1 

Charlotte 

14 12 

-538 

4 

Chicago 

13 13 

-500 

5 

Atlanta 

11 16 

407 

7ft 

Detroll 

9 15 

375 

1 

Milwaukee 

9 17 

340 

9 

WESTERN CONFERENCE 
MMwafPIvtelen 



W L 

Pet 

GB 

Utah 

18 8 

m 

— 

Houston 

16 9 

440 

1ft 

San Antonio 

14 » 

409 

2ft 

Denver 

13 12 

-520 

4ft 

Dallas 

12 12 

500 

5 

Minnesota 

0 19 

ftacWcDUielee 

240 

lift 

Phoenix 

21 0 

J78 

— 

Seattle 

17 8 

580 

3 

LA. Laker* 

15 * 

425 

4ft 

Sacramento 

14 12 

538 

6ft 

Portland 

12 « 

50 0 

7ft 

Golden State 

10 15 

400 

10 

UA. Clippers 

4 23 

.148 

17 

TUESDAY'S RESULTS 


New York 

25 : 

22 26 

26-99 

New Jersey 

18 ' 

18 21 

31-91 


NY: Smfffi6-I48>n)2& Starks 7-T2+422; NJ: 
Brown 4-M B-10 16. Morris 8-19 4-5 21. Re- 
tinnnrli linn mm n (Ewlna. Mesons). New 
Jersey 61 {Brawn, Gflftorn III. Asiiae— New 
York 24 ( Ewing, M.W1II toms S), New Jersey IV 
(Anderson 7). 

Miami 21 25 17 18— 33 

Orlando 24 24 2S 32-103 

M: Rice 8-31 2-2 20. Eackles 7-12 2-5 1«; O: 
O'Neal 11-22 0-12 m Hardaway MHitW- 
bunas— Miami 56 (Willis 131. Orlando 60 
(Grant 15). Assists— Miami 19 (Coles, Owens 

4) , Orlando 23 (Hardaway 7). 

Milwaukee R E 11 26-98 

Detroit 20 17 2* 27—* 

M: Baker 8-13 8-12 24. roMbw 3-6 9-12 15s 
D: Mills 11-20 1-2 23. Chimera 8-19 1-3 21. Re- 
baands— Milwaukee 38 (Baker ». Detrail 45 
(Mills II). Assists— Milwaukee 16 (Murdock 

5) . Detroit 26 (Hill 8). 

LA. CDmn 26 M 23 30-95 

Chicago 32 22 M 14-92 

L: RWiarason 8-104-4 21. Murray 5-1599 19; 
C: Plppen Ml 2-2 18. Kukoc 8-16 5-7 21. Re- 
lw d » i— A . Clippers 40 [Massentourg 6), 
Chicago 48 (Perdue isi. Asiicte-LA. Clip- 
per* 17 (Richardson 10), OH capo 19 [Kukoc 61. 
Phoenix 28 M 33 M— 119 

Danes . *1 30 29 59 — IIS 

P; Barkley 7-208-12 &. Johnson 10-14 89 28: 
D; Mashbum 1V20 0-10 30, Jadaaa 13-194431. 
RCtoMdS— Phoenix 43 I Barkley 16), Deltas 
58 (Janes 201- Assists - P ho en ix 25 (Johnson 
III. Dallas 32 (Kidd 10). 

Attests 24 35 19 15— 93 

Houston 27 22 29 Z7— IBS 

A : Normal 1 1-22 82 26. Btavfoefc «- 13 1-2 Ji 
H: Otaluwan 14-25 7-9 35, Herrera 8-122-2 18 
Redounds- A tlmde 51 (Norman 11). Houston 
44 (OtOlkMW) 16). Assists — AHonto23 ( Ehlo6), 
Houston 27 (CHatuwan 8). 

Charlotte 33 15 33 27— 1H 

San Anfooto 30 33 32 24—119 

C: (.Johnson 12-22 4529, Burrell 8-153421; 


S: Robinson 1817 KM4 30. DslNearo 6-U7-8 20, 
Person 8-14 80 21. R efcauBd e -Otortotte 53 
(L-tohnson 12). San Antonio 55 (Rodman 20). 
Assists— Charfotte 17 (8ogoes6l.5an Antonia 
25 (AJohnsan 8). 

Indiana 23 M 28 29-95 

Denver 17 34 29 21—97 

KOJTavb 5-11 54 15. Smite 15-23 33 33; D: 
R. Williams 6-16 80 IS. AiXkM-Roui 7-12 8623. 
Rebounds— Indiana 56 (Smite M>. Denver 42 
( Muhmbo in. asms— I ndiana 17 (Miller 6), 
Denver 19 (Pack 6). 

LA. Lakers U 29 32 22-105 

GeMen state 32 33 33 31-129 

L: Obafks 1I-202-73A van Exer 5-10 1-2 12; 
G: Guoitotta 9-13 1-220. Hardaway 8-15 1-1 20. 
SPrswall 0-130-720. Rebotmds-LA.L<*frs 58 
(Cebaltos 17). Golden Slate 05 (Selkalr 17). 
Assists— LA- Lakers 29 (Van Exei 11), Golden 
State 38 ( Har daway IS). 

Partin d 29 36 27 38-79) 

Sacramento 28 18 29 27—10 

P: Strickland 813 0-7 22. Drexter 8-17 40 21 j 
S: Richmond IMS 00 3a Potynic* 9-12 IKS 21. 
Rebounds— Portland 54 (Dudley 10). Sacra- 
mento 47 (Simmons 10). Assists— Portland 22 
( Dmlir, Strickland 8). S acra mento 29 (Webb 
11 ). 

Top 25 College Results 

How the top 25 teams b> The Associated 
Press' men's college basketball Poll farad 


8 Kentucky 10-1) beat Marshall 110-75. 
Next: at Louisville. Sunday; 7. Poke (0-2) lost 
to towa 81-77. Next: vs. Boston University of 
HonohJtu,Ttwrsdar;fcCMnacltcal 16-0) boot 
Illinois 71-46. Next : vs. Northeastern at Hart- 
ford, Coraw Friday; 9,M*rytonfl 19-2) boat La 
Salto 9000- Next: vs. American University. 
Friday. 

19, Wisconsin (0-2) last to Stanford 95-78. 
Next: at Manmetta. Saturday; 2i» towa Slate 


(9-t) beat Chicago State 9047. Next; vs. 5 an 
Diego. Saturday ; 28 St. Joan’s (79) beat Man- 
hattan 01-70. Next: vs. Pennsylvania at Madi- 
son Souore Garden. Thursday. 

Other Major College Scores 

MIDWEST 

Dayton 84, Wts.-Mllwaukee 70 
Onto St. 95. Morgan St. 74 
FAR WEST 

St. Francis. III. 81. San Fnmdsco SO 
Utah 80 Col SLFuHerton 63 
TOURNAMENTS 
Cowboy Shootout 
Pint Round 

Mississippi St. 76, St. Joseph's 66 
Wyoming 52. Monmouth. NJ. 47 
ECAC Hafidav Festival 
First Rand 
Perm 93, Colgate 58 

For West Classic 
First Room 

Oregon 77. George Washington 72, 07 
Notre Dame 71 Oregon St. 69 
Rainbow Ctosstc 
First Round 
Hawaii 77. Boston U. 43 

Sierra Medical Center Sen Classic 
First Roand 

Texas 80 Texas- Par American 73 
Wbrfdngtor. St. 70, Tom-El Peso 54 
UNO Chri st mas Tcur pum e irt 
First Round 

New Orleans 70 Rhode island U 
Princeton 71, Texas A&M 66. XT 

:n. *. 

<v. h ,tL-l >!..'> 

ENGLISH PREMIER LEAGUE 
Nottingham Forest 1. Norwich 0 
Standings: Blackburn 46 points. Manches- 


ter United 40 Newcastle 39, Nottingham For- 
est 39. Liverpool 36. Leeds 32. Norwich 30, 
Tottenham 30. Oteisea 28. Manchester City 28 
Arsenal 25. Coventry 21 Wimbledon 25. Sauth- 
amotari 20 Sheffield Wednesday 20 Crystal 
Palace 23. Queens Park Rangers 23. West 
Ham 22. Evertpn 19, Asian Villa 17, Leicester 
10 Ipswich 13 

INTERNATIONAL FRIENDLY 
Argentina 1. Yugoslavia 0 


SECOND TEST 
England vs. Australia, 4it> Day 
Wednesday. In Melbourne 
Australia 2d f mtinus: 328-7 (declared) 
England 2d Inn kies: 79-4 

SECOND TEST 

New Zealand vs. South Africa, M Oar 
wednesdor. In Dwfecn 
South Africa 1st Innings: 226 (all out) 
New Zealand 2d innings: 483 


4 ’ 




BASKETBALL 

Nottooal Bodtetball Association 
DETROIT— Activated Oliver Miller, cen- 
ter, from I he Injured list. 

NEW JERSEY— Placed Sean Higgins, 
guard, on Ihe la lured list. Activated Chris 
CtuW*. guard, from the in lured list. 

NEW YORK— Placed Charles Oakley, tor- 
nun}, on the Injured list. Activated Doug 
Christie, forward, from Ihe Inlured list. 

WASH I NGTON —Placed Chrh Webber, tor- 
word. on the Inlured list. 

FOOTBALL 

Net tonal FoatboK League 
ATLANTA — Signed Clay Matthews, line- 
backer. to a one-year contract 


CINCINNATI— Fired Marv Brodeowectar 
teams coach. Named Joe Wesset special 
teams coach and Tim Kramcte defensive line 
assistant. 

DENVER— Announced the resignation of 
Chortle Waters, defensive coordinator. 

GREEN BAY— Plaard Marcus Wtisan run- 
ning bock, on Inlured reserve. Signed Keith 
Crawford, wide receiver. Signed Jonathan 
Klrksev. defensive lineman, to Ihe practice 
SOUOCL 

JACKSONVILLE— Agreed 16 terms with 
Jason earthen. Reggie Freema n and Andy 
ktasan. linebackers; Deral Boykin and Mor- 
Ceiio Simmons, defensive bocks; Paul Stover, 
guard; and Carlas Etheridge, light end. 

PHILADELPHIA— Fired Rich Kalita, 
coach; Bud Carson, defensive coordinator; 
Zefce Brathowskt il l le nd re coo rdi nator: Lew 
Carpenter, receivers coach; Peter Glimta. 
secondary coach; Bobby H am mo nd, special 
teams assistant; Dale HoupL defensive line 
coach; Bill Muir, offensive line ranch; Jim 
veehiaraJin, linebackers coach; Jim WIP 
horns, strength coach; Larry Pasauale. spe- 
ctol teams coordinator; and Rlriwrd Wood, 
running bocks coach. 

COLLEGE 

BUFFALO— Named Craig Orbus toatoalt 
coach. 

FORD HAM— Announced Connie Mack, 
center, will miss me 199495 season due to 
Inlury end will still have three years at eligl- 
btllty remaining. 



Clippers Pull Off 
A Rarity in Chicago 


The Associated Pros 

Tony Kukoc knew exactly 
what the Chicago Bulls’ prob- 
lem was. 

“We couldn’t hit shots, we 
couldn't rebound and we had 
plenty of turnovers,” said Ku- 
koc, who tempered his 21 points 
with eight turnovers as the Los 
Angeles Clippers were winning, 

95-92, Tuesday night. 

The Bulls also -dads t have 
Scotne Pippen. who was ejected 
from the game with 2:13 left in 
the second period. 

The Clippers, on the other 
hand, got their first victory on 
the Bulls' home court since Jan. 
26, 1979, when the Clippers 
called San Diego home and the 
Bulls played in Chicago Stadi- 

ntri 

“It didn’t matter if Scottie 
was out or Scottie was in,” said 
BJ. Armstrong, who missed the 
basket more than he missed 
Pippen, failing on 16 of 20 
shots. . 

Los Angeles was 0-17 in Chi- 
cago before the win, and the 
victory snapped a five-game 
losing streak, raising the Clip- 
pers' record this season to 4-23. 

Pippen scored 18 points on 8- 
for-U shooting, grabbed five 
rebounds and had out three as- 
sists before he was ejected for 
swearing at referee Terry Dur- 
ham when protesting an offen- 
sive fouL He had received a 
first-quarter technical foul for 
launtmg the Clippers' center, 
Charles Outlaw, after dunking 
over him, and the second tech- 
nical meant an automatic sec- 
tion. 

Rockets 105, Hawks 93: In 
Houston, Hakeem Olajuwon 


had 35 points and 16 rebounds 
as Houston kept- Atlanta’s 
Lenny WilkensJrom tying Red . 
Auerbach’s NBA coaching t&-_ 
cord for victories with 938. 

Warriors 129, takers 105: 
Tim Hardaway, . Latrell 
Sprewefl and Tom Gugtioita 
each scored 20 points and Rony 
Stakaly grabbed a season-high • 
17 rebounds as Golden State 
crushed visiting Los Angeles, 

Suns 119, Mavericks U& 
Kevin Johnson’s 16-foot base- 
line jumper with 3.7 seconds 

left capped a Phoenix rally from 
a five-point deficit with less', 
than a minute to play. It was the 
visiting Suns’ 1 1th consecutive . 
victory over Dafias. 

. Johnson finished with 28 . 
points, while Charles Barkley 
had 22 points and 16 rebounds 
as the Suns won for the 10th 
time in 1 1 games. 

Tim Jackson scored 31 points 
for Dallas, but his running shot 
in the lane at the buzzer rimmed 
out. Jamal Mashbum bad 30 
for the Mavericks, who led ] 18- 
1 13 with 52 seconds to play. 

Spurs 119, Hornets 10& Da- 
vid Robinson scored 16 of his - 
30 points in the third quarter 
and Chuck Person sank five 3- 
poinrers as San Antonio won its 
seventh straight by downing 
visiting Charlotte. Person fin- ; 
ished with 21 points. 

The Hornets* center, Alonzo < 
Mourning, injured his right foot * 
in the second quarter and didn’t . 
return. 


Duke and UMass Fly Far 
To Have Wings Clipji 


To subscribe in SwitzRtlqnd 

just call, loll free, 

1 555757 


Tke Associated Press 

Duke traveled 5.000 miles to 
have this happen? 

The seventh-ranked Blue 
Devils flew from Durham, 
North Carolina, to Honolulu 
for the Rainbow Classic. It was 
a long trip, but a short stay in 
the tournament as Iowa 
knocked off Duke, 81-71, in 
Tuesday’s opening round. 

Jess Settles, scheduled to play 
two minutes, got in Z3, scoring 
28 points and grabbing eight 
rebounds. He and fall-court 
pressure were the difference for 
ihe Hawkeyes (9-1). 

“Settles was incredible,” said 
Duke’ coach, Mike KizyzewskL 
“Imagine if he had been prac- 
ticing the last 17 days?” 

The sophomore forward, the 
Hawkeyes’ leading scorer at 
19.7 points a game, had missed 
four games with a back injury. 

“I was hoping I could crane 
back against a lower caliber op- 
ponent,” Settles said. “As most 
athletes do, I was running on 
adrenaline and the back held 
up. I was supposed to play two 
minutes, see how it felt and try 
for some more minutes. Now 



A 


Si\ 

f 

Iv 






A" -J - 

. i ■ „ 

■••v 
» ‘•‘1 * 

‘i - 

V. 


& 



IIVII 


PU see how it is when I try to gel ' 
out of bed tomorrow.” \ 

Cherokee Parks led the Blue__ 
Devils (6-2) with 22points.. 

• The fourth-ranked Univer- 1 
sity of Massachusetts, having' 
flown almost as far, fared even 
worse in Strasbourg, France, f , 
The Minutemen lost twice, 
dropping two 20-minute minx 
games to the French profession- 

CQL1FGE HI^IiGHTS , 

al teams Strasbourg and Pau- 
Orthez in the Buckler - 
Christmas Challenge. • 

The good news for coach 
John Catipari and his club was ' 
that both ihe 57-52 overtime ' 
loss to Strasbourg nor the 44-43 
defeat by Pau-Orthez were ex- 
hibition games, and the Min- ' 
utemen officially remained 5-1. *• 

In the overtime against Stras- 
bourg. the MLnutemen were . 
particularly sloppy and the host 
team was able to take advan- 
tage, led by Jeff Martin, a Mur- 
ray State product who paced all 
scorers with 22 points. 


.■P 


■ 


& - 




tl.-. 


"t 


>i. ... 

c r - 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 



kxr crowf wta 

ARR1B 

L_ 

txe: 

to 


OATAF) | 


TTE 

_L 


ENGLIT 


nr 

LL 


reraresi 


h i rm 


Print ansnw hen: 



mg 


in. 

v' 

^ . ■ 

8^ 


WHAT KIN17 OF 
«R>T)ONSHJP TVE 
TWINS HAP N 

souase. 

turn ortXHR tte Mod MM to 
tei aw awow b£ bo- 
gntod by IM naoto canvi 


SARGe. tV LIKE YOU 
TO ORGANIZE TUB 
PARKINS AT MY 
PARTY, BUT YOU PDN'T 
NaYE 70 IF YOUVOH^T 
WANT 70 



5AKGE& ASTUTE 
OB6EKVATIOHS 
OH HUMAN 
BEHAVIOR 
-#37 


WHEN YOUR & 066 
VON’T HAVE TO IP YOU PONT 
WANT TO, ,y HE MEAN5, " YOU 
HAVE TO EVEN IP YOU PONT 
WANT TO" 


4t++mm il 





THE FAR SIDE 


BLONDEE 


JwrflWl 


Juitte MACE aonv TOVCHV WAUWS 
WJtt 0w octopus toXD » me Kx«i party — 
A C04T OF 4HUS 


DOONESBURY 


For investment 
information 

Reod 

Hie MONEY REPORT 
every Saturday 
in Hie IHT 




“He's making his nesl now... There} See ft? 
Thai son-ol-a- ... He's flot himself a futon!" 



/ \ 








■ 5 * 5 $: 




bckf 




■-"•L ^ 

■'Z' ;: Xb\ 


:; -.i3r*k 

- . — - — Cj 








■* Mai 


a j*jr^avi 




I vTE 

i \ k ** 


] vpjrturs 


)j.£o 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 


Page 19 


The Perils of Pele 


T ONDOM o I " , * rna,, * naI H'rald Tnbune 

for s p°» “ 

S from 


•he toon, of to toSIT SS^S ■»». «d r™ 

were even the power to corfro^f tE £?“ ,d **? a ste P U P only 
Now is the time, while the i>oI?tir£ e Wrnjpu ?P 10 Ws &ame. 
Fernando Henri que Cardoso Brazil's^ C °^ n 1118 P°P u lariiy, 
referred to the president, has 

come up from the roots ... that h£ triumSlS « f A Bra ? J ^ *»» 
ment official went further a . ln, rmphed. Another snvem- 


meat official went further’, descr^ine^m^'- Anol ^ er .So ve ^' 
optimism, of a new era in ouTdevel 0 |iIS L “ a ****** of new 
So much symbolism. But Pele hf>m^n. enL 

Frfcrm XI - I DOTD JJllO povenv anrf rhricldnivJ 


Edson Arantes do Nasdmemn h»?L J »l*wwty and christened 
World Cup in 2™» •»« 1958 

stardom/He was 17, an h 5n Bauni '.O'™* 




1,321 goals, fame and career in whic* he accumulated 


1,321 goals, fame and wealth 10 wtucfa “® accumulated 

boSb: T ,dIy - SymboHm. knew no 

'9 «■* five 


apbut mree nours at an aimort wamno i«, 


^ reree hours at an airport waiting to 

~ ~ fpeak with Pele. And Chinese fron- 

HOb or* • uer guards reportedly left their 

Hughes f^#»C P° sts to greet him on Hong Kong 
territory. 

t&ss&ssSffiSS&i 

l£fflS? b,llly *** *“* ^ he Kd it welL 
«di^h;n!5i2 ™ comp any on either side of his divorce, either 
roU ^f.' coa ? ler n de from millionaire to relative poverty 
he aUowed weariness tb shw. 

™'"“ ,0g “ agD “ “‘osraph or fail lo 

A bora politician, you might think. 1 wonder. 

i5A2SE , i mai1 ' u- lhou&h far from **“6 a Simpleton. He 
SSTiS ? ^ lbou 8 h he follows instinct in life 
as be did on the field. Soccer is the core of it. Pete will discuss it 
anywhere, anytime. He exudes, in many ways, the joy that we 

STES “ ^”8 gmorauons. And Isabelle Autissier, aboard 

up io now, reie zias never seemed a sporting has-been, even 25 9 

years after his prime. If he seeks serious political achievement. 

however, that enormous goodwill is at risk. 

Never before has Pele shown administrative acumen, and FW lj( 71 AT 
poraibly his advisers can guide him through that. But every ff f|/> WMfkJTf 
politician has foes. And while Pel 6, to my knowledge, has had a X 1 ~ L ^ 

public run-in with only one man 1 that man happens to be Ricardo 

Ttixtira, who presides over the CBF, Brazil’s soccer federation. Andrew Beyer, the horse rac- 
More than that, Teixetra is the son-in-law of Joao Havelange, the columnist of The Washington 
Brazilian president of FIFA who single-handedly barred Pel* Past, spent the past month travel- 
from the World Cup draw in Las Vegas a year ago. in the Far East. 

It was an horrendous example of Havel ange’s vindictiveness, By Andrew Beyer 

and an early warning that the aging president intends to maneuver Washington past Strict 

his son-in-law into becoming his successor in charge of the world TOKYO Cold, drizzly De- 

8a Sj* , _ _ cember weather doesn't damp- 

Pel 6, then as now, was the catalyst between soccer and the m enthusiasm of Japan's 
American people; Havelange the autocrat blankly refused to r^ng fans. More than 84,000 
speak Pete s name, or to discuss with his FIFA executive his ^ then, showed up at Nakaya- 
reason for banning from the ceremony the greatest player the ^ Racecourse on the day of 
known. . the Asahi Hai Sanasai Stakes 

We knew the reason. Pelfe had accused Teixetra of corruption, foj- 2-year-olds, and they were 
of accepting a million-dollar bribe lo favor one television contract standing 20-dcep at the rail to 
over another, and Teixeira was suing Pete in the Brazilian courts, cheeirasbn of Sunday Silence as 
So Havelange, having installed Teixeira on FIFA committees, he won the $1 million event 
fclhut out Pelfe. 

I do not see Pelfe as a vengeful person, but I am reminded of the “• ijvn in a series 

fate of the last Brazilian playing idol elevated to government z<a ” 

Zico, in many eyes the pretender to Pele’s playing mantle, became _ . . . , . 

SpoAj Minister a. tte of 36 to 1990. He (id no! lajl. S 

He brought to the post casual sportswear but a dedicated intent 
to d«m ^ soccer's chaos and ‘Sm.ption in BraziL And was “ 
brought down by Ricardo Teixeira. JT 



BOC Sailor Autissier 
Sends SOS, Search 
Being Mounted 


Compiled by Our Sutff From Dispatches 

SYDNEY — The French yachts- 
woman Isabelle Autissier, sailing to- 
ward Australia on the second leg of 
the BOC ’Round the World SoJo 
Challenge, had sent two emergency 
distress signals and rescue opera- 
dans were being mounted, race or- 
ganizers said Wednesday. 

Autissier set off two emergency 
radio beseems at 0645 GMT on 
Wednesday, a BOC spokeswoman 
said. The race communications 
he a dquarters in Charleston, South 
Carolina, she added, had not been 
able to make contact with Autissier. 

Her yacht, the Ecuretril Poitou 
Charantes n, was thought to be 
about 920 nautical mOes south- 
southeast of the South Australian 
capital of Adelaide. 

“It’s obvious something terrible 
has happened as she is a very experi- 
enced sailor,” said the BOC Spokes- 
woman. Kim McKay. 

Autissier bad said in a radio com- 
munication on Tuesday that the 
weather was extremely harsh and 


at first light on Thursday, because 
no other vessel was in the area, the 
statement said. 

Autissier, 38, who is from the 
French port of La Rochelle, first 
sailed solo around the world in the 
last BOC Challenge, in 1990-91. She 
holds the record for the Flying 
Cloud yacht race from New York to 
San Francisco around Cape Horn, 


gained early in 1994. 

She had built a record six-day lead 


in the first leg of this BOC race, 
which began in Chariest on in mid- 


She left Cape Town for Sydney on 
Nov. 26, but after a week at sea lost 
her mast during a gale and sailed 
under jury rigging to a military base 
on the French Kerguelen Islands in 
the southern In dian Ocean. There 
she obtained a temporary mast from 
a cruising yacht 

She had left Kerguelen on Dec. 16 
after repairs, race headquarters said. 

• The New Zealand yacht Tasma- 
nia won the 50th annual Sydney-to- 
Hobart race, crossing the finish line 


qw wtfjimg or ganizer s Raid in a state- just minutes ahead of Brindabella, 


John MDum/Attncc Fcna-Fon 

Isabelle Autissier, aboard her yacht, tile Ecumel Poitou Charentes H, shortly before tbe start of the race. 


ment. It added that, according to 
preliminary information, Autissier 
was still aboard her boat. 

Australian rescue officials would 
be sending a plane to search for her 


the Australian maxi-yacht. Tasma- 
nia, which on Tuesday had hit a 
whale, missed breaking tbe race re- 
cord by about two hours. 

(Reuters, AFP, AP) 


The Money’s Big hut the Action Isn’t in Japanese Horse Racing 


Andrew Beyer, the horse rac- 


ing in the Far East. 

By Andrew Beyer 

Washington Past Service 

TOKYO —Cold, drizzly De- 
cember weather doesn't damp- 
en the enthusiasm of Japan's 
racing fans. More than 84,000 
of them showed up at Nakaya- 
ma Racecourse on the day of 
the Asahi Hai Sanasai Stakes 
for 2-year-olds, and they were 
stan ding 20-deep at the rail to 
cheer a son of Sunday Silence as 
he woo the $! million event 


Crown beat America's turf ing that country’s breeding in- 
champion, Paradise Creek, in dustry. Bui it can’t happen in 
the Japan Cup, the world’s rich- Japan, where the association li- 
est horse race. censes owners and never has 

Still, the quality of racing in granted a license to a foreigner, 
Japan is not nearly what it even if his presence could bene- 
could be, in view of the Indus- fit the industry, 
try’s financi al strength. And the “Sheikh Maktoum is so rich 
reason is that the industry sys- _ 
temically excludes foreigners — . - „ . . 

and other outsiders who could The Japan Racing AfiS< 

contribute to the sport. _ granted a license to a f 
There is no racing body in the 6 
world with the aii-encompass- presence could benefit 
ing powers of the Japan Racing 
Association: It operates the 

country’s major trades and off- he might monopolize tbe 


ing industry would be if horse that horse in the first place.) 
ownership were limited to The association’s rationale is 


members of tbe snooty Jockey that it prefers conservative. 


Club and their peers. 


low-paying wagers so that fans 


The association’s conserva- neither win nor lose too much. 


n if his presence could bene- than touches its fans, too. Al- The tracks here finally intro- 
the industry, though horseplayers every- duoed a standard qotineua, and 

Sheikh Maktoum is so rich % where relish exotic wagers and bettors relished it, an indication 

that they want more exotic wa- 


The Japan Racing Association never has 
granted a license to a foreigner, even if his 
presence could benefit the industry. 


track betting outlets, oversees sport,” Inada said. 

« i- . ■ i a !!■ 'tn. ^ J!-*! 


. . , gers. Any entrepreneurial track 

nation never nas owner would give customers ex- 

rpl mer even if his actas * trifeclas and P jck 
reigner, even u ms bul not ^ a sa^anon; The 

he industry. quinella is as exotic as it wants 

J to go. 

The tame betting format isn’t 

the laige payoffs they produce, the only drawback Japanese 


Last in a series 


Z ICO BELIEVED it was fundamental to push through con- 
gress a bill changing the voting procedure that perpetuates 


Betting on the card, most of it 
from off-track outlets, totaled 
an astonishing $289 million. 

Statistically, Japanese racing 
leads the wood. Annual wager- 
ing exceeds the combined total 


the breeding industry and li- 
censes owners, trainers and 
jockeys. It decides who gets to 
play the game. 

Because Japanese thorough- 
breds are inferior to those in 
Europe and America, foreign 
horses presumably could come 


The association also is very 
selective about the Japanese it 
licenses to own horses. “An 
owner must be a man of face 
and character,” Inada said, 
“and rich enough to race hors- 
es.” 

If he is not rich enough, the 


Japan's trades until recently of- horseplayers face. The takeout 
fered only win and place bet- from all wagers here is an oner- 


ting, plus a ridiculous wager ous 25 percent, compared with 
called the bracket quinella — a roughly 20 percent in the Unit- 
quinella with only right betting ed States and 17.5 percent in 


interests. 

In races with more than eight 


Hong Kong. 

But playing the horses in Ja- 


/i gress a bill changing the voting procedure that perpetuates 
Teixdra’s unpopular rule. Zico had progressive ideals, but he did 
not have political acumen, and before he could present his bill he 
was out, conveniently on his way to Japan to retreat into playing 
a roin for a brief, financially rewarding spelL 

Pelfe will not have that option. Should the potties of his new 
position prove as much a cul-de-sac as it did for Zico, he will have 
to build on a glory that time thus far refuses lo fade. 

Further, he enters politics on a somewhat lower level man 
envisaged in 1989, when he said he would create a new left-wig 
party that would make him Brazil’s president m the year 1994. 
That was a pipe dream; how serious a politician, and how much a 


of the United States, Hong if they were allowed. 

Kong, Britain, France and Aus- Hicrefore, only the Japan Cup 


here and win most of the purse association ma i ntains, he might 
money if they were allowed, be tempted to engage in larce- 


horses, the excess is coupled, or pan has some advantages, too. 
“bracketed” as a tingle betting Handicappers here have access 
uni t. (If one of the two bracket- to a vast amount of informa- 


tralia. Japan offers the most 
purse money, too. But while 
there usually is a dose correla- 


and one other race are open to 
horses that have raced abroad 
If a Japanese owner buys a 


ny. One could only imagine 
bow ossified the American me- 


ed horses was scratched, a bet- lion. Every workout is timed 
tor was stuck with the one that predsdy and reported in the 


was left, even if be never wanted press in great detail. Japanese 


tracks weigh all their horses be- 
fore every race, allowing bettors 
to ponder the significance in 
fluctuations of an animal 's size. 

The many racing newspapers 
routinely interview trainers and 
grooms before each race, solic- 
iting information about the ani- 
mal’s physical condition. (“Do 
trainers rally tell the truth?” I 
asked a journalist “No, of 
course not,” he said) 

The racetrack fatalities here 
are excellent — “the best in the 
world,” Inada said Nakayama 
is big and comfortable enough 
to handle crowds of more than 
100,000, and it operates with 
typical Japanese efficiency. To 
speed the lines at the windows, 
the tracks here have automated 
cashiers; insert your winning 
ticket in a slot, and a machine 
dispenses your yen. 

But despite tbe many virtues 
and the undeniable success of 
Japanese racing, it is hard for a 
visitor to escape the conclusion 
that tbe sport here is not nearly 
as good as it could be. 


tion _ between purses and tbe yearling overseas, that horse is 
quality of racing, Japan's thor- eligible for only about half the 


figure head, Pelfe will be now remains to be reen. 

lie has friends and admirers in high places. One, Nelson 


oughbreds never have been in 
the same class with those of the 
major racing nations. 

In the 1960s and 1970s, the 
hapless Japanese entrant was 
invariably the last-place finish- 
er in the Washington, D.C„ In- 
ternational. Thai tbe Japan 
Racing Association, the sport’s 
governing body, made an effort 
to improve its horses by import- 


races in the country. # t* v 

“The biggest reason for this is 5enna LoilTt Ubnilff lOStpOned 
to protect the weak or small r 


Fed Cup Opponents Drawn 


Mandela, has shown bow much politics is ihe art of the possible mrnationaL Then the Japan 
Africa is stiD awaiting the chance to host a soccer match Racing Assooation,thc sport s 
world dlmpion Brazil. Peli might be able gpynmnglydy.m.fe metfort 
trtnrranJr^Lt^mentinE the message of congratulation he sent to improve its horses by import- 

£ K^rpreidcnu Frederik W. d= Klcrl, when apxrthdd trio^atorion. liacnx r, 

was declared dead. wants to influence financial powerhouse, breeders But what if a foreign 

fcfwKvc to nrute taken by Zico, tavcbeaffitota^Wtop- wiritedjo play bT& 

B! 8g,‘g »ji ^asg . SSX’KE?"'— 

long? *,6^ «««*«#*** t*«. when Japanese-bred Marvelous 


to protect the weak or small 
breeder — just as weprotect the 
rice product,” said Shuji Inada, 
an executive of the Japan Asso- 
ciation for International Horse 
Racing. Those breeders are an 
effective pressure group, he 
said, and the Japan Rating As- 
sociation, asasemi-governmen- 


ROME (AFP) — A court hearing in to the cause of the death of 
three-time Formula One champion Ayrton Senna has been post- 
poned until January, a court official in Bologna, where the hearing 
will be held, said Wednesday. 

The official said investigators bad yet to complete their find- 
ings. The Brazilian driver was killed when he crashed head-on in to 
a concrete barrier at the San Marino Grand Prix on May 1. 

• In Milan, Alessandro Benetton denied repents that his For- 


tal organization, listens to their mula One team would try to sign Nigel ManseD lo drive with 1994 


Tbe improved quality of their 
horses was apparent last month 


But what d a foreign owner 
wished to play by the local 
rules? This Is common around 
the world: Japanese owners 
breed horses in Kentucky, and 
the Maktoum brothers of Du- 
bai have established stud farms 


champion Michael Schumacher next season. (AP) 

Men’s Downhill Race Rescheduled 


The Associated Press 

WHITE PLAINS, New York — Spain, the top seed and defend- 
ing champion, will play Bulgaria in the first round of the Fed Cup 
next spring while the second-seed United States drew Austria, 
Germany was pitied against Japan and France drew South Africa. 

Tbe women’s equivalent of the Davis Cup, formerly known as 
the Federation Cup, is going by a new name and a streamlined 
format The name was shortened for marketing purposes, the new 
formal consists of a World Group of eight nations competing on a 
home-and-away basis, culminating in a November final. 

Each will be a best-of-5-matcheg series, with two singles the first 
day and two singles and a doubles the second day. 


when Japanese-bred Marvelous in E n g l an d, greatly strengthen- 


GENEVA (Reuters) — A men’s World Cup downhill, sched- 
uled for Crans Montana, Switzerland, on Jan. 6 but called off 
because of poor snow conditions, will now be raced at the Swiss 
resort of wengen on Jan. 20. It will precede the classic Lauber- 
hom downhill and slalom, on Jan. 21 and 22. 

Flatiian, Austria, will stage men’s and women’s super-giant 
slaloms Jan. 10, taking over races called off in Austria and France, 


‘Tff' ft INTERNATIONAL « g 

iicralbagfe.Cirib unc 


i aw tv «imc n* urn 


CROSSWORD 


For the Record 


ACROSS 

i Meeting: AUbr. 
s Byron's “beat of 
prophets' 

19 Freight carrier 


141979 hit by the 
Police 

15 Convert a 

message 

16 Renunciation of 
faith 


IS Poirot'S 'Mon 


* * - .__^„,arinns: 


is -No Time for 
Sergeants* 
playwright 
si Mr. ZSegteW 
22 Place of 
drudgery 

M veiley. 

CaGf. 
ssAUoy 
n Account 
receivable 

as Actress 
Samantha 

si 'Mr. Builds 

His Dream 
House’ (19*0 
film} 

asOld World deer 
sr She played 
50 -Down s 

partner 

as ’I reed you’ 
st Mugful 
«, -Aaan — r 
(Teherancry) 

48 Digin 

aa Hangs fom 

4B -Pique Dame, 
0-0 

48 Arthur MWer p 
play, with 
S 2 _— - Tin Tin 
sa palette P*0 m8frt 

» Pipe hole 
as Move 
h Words to the 

wise 

si Crackpot 
82 Vassals 
S 3 Son of a — ■ 

/nautical 

epithet) 

84 -cabaret' star 


Forrese rvanons i 

Fax international 

*l-20o0bjji2i_ 


* Actress Braga 
2 Hyundai model 


sTonto’s 
equestrian rote? 
along-faced 
s Robert E. Lee's 
reins? 

■ Rain dancer, 
maybe 
t Nebraska 
Senator James 

S da deux 

s Army enwrter 

10 Super blooper 

11 induction motor 
pioneer 

12 Hospital count 
is Turned back on 
17 Relative ol 

“Ouch!* 
as Permit 
23 French sea 
*4 Turf 

2 S Lone Ranger's 
“Glddyap 8 ? 

XT Current 
admlmstration 
as Flub 
as Gunk 
30 Graphic start 
32 Give confidence 
to 

ji San Francisco's 

— mu 

34 Transcript 
figure, for short 

asMktoesfJand: 

Abbr. 

* 3 - reatT 

4 S Ewe said it 
41 Annual playoff 

grp- 

44 Arcadian 

45 Throe-time Hart 
Trophy winner 

46 DM Milwaukee 
competitor 

*T Result 
46 Earth tons 

soTMadwraa* 

inanBO'spofioe 

drama 



Mexk»,host of World Cups in 1970 and 1986, has joined Japan 
and Sooth Korea in bidding for the 2002 finals. (Reuters) 
Stefimg Sharpe, the Pro Bowl receiver of the Green Bay 
Packers, will miss the NFL playoffs because of a career- threaten- 
ing neck injury, the team said. (AP) 

Dennis Erickson, rumored to be leaving the University of 
Miami to coach the NFL's Seattle Seahawks, said he was not 
interested in the job. (NYT) 

No. 15 Utah beat Mth-ranked Arizona, 16-13, in the Freedom 
Bend when quarterback Mike McCoy threw a five-yard touch- 
down pass to Kevin Dyson with 3:34 left to play. (AP) 


LIVING IN THE US.? 
Now Printed in 
New York 
For Same Day 
Delivery in Key Cities 

TO SUBSCRIBE, CALL 

1 - 800-882 2884 

(IN NEW YORK, CALL 212-752-3890) 


ESCORTS A GUIDES 


INTERNATIONAL CLASSIFIED 


IU0BSON OW - vaMABOXT 

Sravitt. L fed* Vtfoifl* 2a 
0222/586 86 W 


VflBNATDNM 

(SCOOT 


(Continued From Page 11) 


AM5IBMM BBMADBTE 

&cort Sssrakc. „ 

Tri, 631 63 36 or 631 06 <3. 


HMdoffioataNwYati 
330 W 55 5 NIC WOT? 


212-765-7896 

MAJOR CBHXT CAXD5 AND 
QCOQ ACCEPTED 


LONDON’S NO.l ESCORT 

1 SkooUhoD SL Umdrn WI 

AOMCf an 2ss oow 


GENEVA * AIUANCX 


ZUBOI/ BBN/ BASEL 


Eawt Strata & Tiowt MSinaurf. 
Did Geneva 022/311 OT» 


Emit Savin 
TakflWSSCB 


AMSTERDAM 'DREAMS’ ESCORT 
Dimer doW & pessstnd ewfc kt-wl 
Td +31 imMicnW 64 02 666 


DIVA ESCORT SERVICE 
(CWToncarr 

1 Wifi 161 MffiT 


O New York Tmu/Edbod by Wi U Shorn. 


Sohxtfam to Ponds ol Dec. 28 


BELGRAVIA 

ORCHIDS 


’•3HCAG0 ANEW YOBP” 
CQSMOPOUtAN ESCORT S8MCE 
Chiccgo Td: 312737-1 110 
rWfort Ttt 2I3-753^?39 


•PARIS A LONDON* 
•ELEGANCE* 

Etccrt S»wc» London (71) 394 51*5 


ZUBOI- NUBS -MONACO . 

AMETHYST? WT bajrtAitod IS mvka 

ouiSwnzaaAwi»4ii225P. 


ICMWN- SARAH 

Evort Sanice. 

Tat 081 9WWTSL 


■•■••E XECU TIVE** 
LONDON ESCORT SBMCE 
TEL 071 722 5008 Gocfe Ccrtfc 


BtOnC BCOKT SERVKE 

London & W. Swray cradt tank 

watamc. Tekohon; 0932 85291 1 


si Barely makes, 
with ’out’ 
as Cartoon 
canine 

saMusooI history 
BTEkunbrsBum 
as Second Oof 
0-00 
SO 'Savvy?* 


aassaao aoaaaas 

□OEnanna [naaaoaa 
Qsaaniia □□□□ana 
Q0SQQ DQ0 QQDSa 
nsiaEi ansaa naan 
stna aaaaBaa son 
aosQacina aaaoo 
gQBiinanaa 
DHQQa aaaasacan 
□aa asi3aHaa aaa 

□□□□ QHB3H □□□□ 

aanaQ aaa annaa 
□ddol 3QH aaaaaacD 
□QaaPEiB naauaaa 
□bsqhgq aaaaaaa 


LONDON FAB GBCVA2URMH 
fcwt Agmcy Cndl Conk YModb* 


UK 071 589 5237 


MBKNAiiom aeons 

_ 1,1 ,J ~ 


Ttt 11MSJmN-r TtwK USA 
■ Major Gredfr Coeds &optd 


MADISONS 

lONDDNraSGMBrtAsncy 
UK 071 266 0586 


TO OUR REAPERS 


IN GREECE 

It's never been easier 
fo subscribe 
and save. 

Jusf call today 
(1)99-19-328 
in Athens. 


Kfl U mt fa t H DORFSOIS I I AM5A 
ANGB.'S EMorVServi»Gedt conk 
Q22T-510 6145. + 0171-S<Q<g0? 


MADRD HARMONY EmiLM 
Service. tta*h & Engbh ipeddng. 
Conk Tab 90M1W64 or yoaSNMy 


VBMA*ZURKH*PARiS*MUWQI 
HK3H SOCETY Intornooand bcort 
CJ Vienna + 43-1-53541 04. 


WB«A*PAtB-HVOA*ZUtaOt 

BJROCOKIACT fcrl Escort + TrhbI- 
Senio. CJ Visn 1+41412 04 31, 


RAMWKT KflW DOSSBDORF 
M areov, Eicon Sewn. 


ITALY * MB * COIE D'AZUR 
worldwide French Riviera escort ogeaey 




f) 


f 



Page 20 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, DECEMBER 29, 1994 


ART BUCHWALD 


Last Mail Call for ’94 


\\7ASHINGT0N — I a® 
YY trying to clear the mail that 
l didn't get around to answering 
in 1994. 1 hope that I can do it 
Dear Sin 

1 keep reading about Orange 
County going bankrupt because 
it invested in too many denra* 
lives. What is a derivative and do 
you need a doctors presaipOon 

“S*®* Sincerdj, 

John Heffley 

Dear John: 

A derivative is neither good 
medicine nor bad medicine. It 
actually looks like a poker chip. 
People use it to 
bet their school 


mo is president of the United 
States. My fate says feat ifs 
Newt Gngjich. My Unde Harry 
sots that ifs Jimmy Carter. 
Please clarify tins for me. 

perplexed in Idaho, 
Joanne Libby 


funds, their 
hospital bonds 
and their water 
treatment 
plants. The 

aETtbeir chips 
on red or black 
— on red that 
interest rates 
will gp down; 



Dear Joanne: 

AD of than are right. Clinton 
has the title, Gingrich has the 
power, and Carta - refuses to ac- 
cept the fact that be is no longer 
in charge of foreign affairs. 

The country is fortunate to 
have three such able people in 

the same boat rowing toward the 
shore. The fact is they admire 
their commander in chief tre- 
mendously. Clinton says, “No 
matter what they say, I am the 

president.” 

Newt says, “No matter what 
they say, l appear on ‘Meet the 
press* more than Clinton." 

And Carter says, “Clinton 
may be president in the United 
States but if the Sobs want 
peace they still have to deal with 
me.” 


on black that they will go up. 
Depending on where the tittle 


white' ball lands, your county 
can either afford to buDd a doz- 
en new prisons or it can go befly 
up and lose everything, includ- 
ing the new football stadium 
that it had set its heart oa 

Orange County bet that the 
interest rates would go dowa 
Alan Greenspan double-crossed 
them by raising the rates. If Cali- 
fornia wants to blame anyone it 
can blame Greenspan. Orange 
County is now demanding a spe- 
cial prosecutor to find out why 
Greenspan cost them all that 
money. 

Dear Mr. B: 

My mother says that Bill Gm- 


DearSxr 

I was reading the local paper 
the other day and there was no 
story on OJ. Skupsaa. Who 
goofed? 

Your fan, 


item: 


Dear Leigh l 

te publishers are still Hying 


The. 

to find the culprit They are in- 
vestigating whether the omission 
was accidental or a deliberate 


attempt by Rupert Murdoch to 
sabotage the paper’s circulation. 


$150 Million for Prado 

Agence Franco-Prase 

MADRID — The Spanish 
government announced that it 
was budgeting 20 billion pesetas, 
or $350 milli on, for renovation 
of the Prado Museum. 


We have a saying in the newspa- 
per business. “You can take OJ. 
out of the paper, but you can’t 
take the paper out of OJ.” 

Dear Sin 

I read In the Enquirer that 
Princess Diana was dating Webb 
ffnbbeB, the former No. 3 man at 
the Justice Department. Any 
truth to it? 

Anna Hanfing Pedersen 
Dear Anna: 

Absolutely not The rumor 
started because Prince Charles is 
now dating Janet Rena 


Champagne: More to It Than the Bubbles 


By Frank J. Prial 

tiew far* Tima Service 

N EW YORK — Americans, we are told, drink 
Champagne only on holidays and special occa- 
sions, while Europeans drink it all year. Perhaps the 
Europeans are just better at dreaming up special 
occasions. 

There is a fellow in England who never invites a 
friend into his wine cellar without bringing along a 
bottle of Krug. I know a chap in France who would 
not think of visiting his fathers grave, which he does 
often, without taking along a bottle of Poi Roger. 

Certainly the custom of opening a bottle of Cham- 
pagne when guests arrive, expected or otherwise, is 
far more prevalent in the Old World than it is here. 

Even at home, Europeans place more importance 
than Americans do on ceremony and ritual. Or do 
they just look for excuses to drink Champagne? 

It is said that Americans will drink anything that’s 
cold, fizzy and sweet, and a long line of successful 
drinks — cold duck, Lambrusco, wine coolers and 
white zznfandel — attests to that. So do the inexpen- 
sive sparkling wines that sell well: domestic versions 
and a host of imports like German seki and Italy's 
Asti Spumante 

Champagne, the genuine French product, is an- 
other matter. The mark of a good Champagne is its 
pronounced acidity, and it takes time to get used to 
thaL Some people never do. 

In their long years of slavish Francophilia, which 
included most of the 19th century, the Russian 
upper classes consumed oceans of Champagne. 
Many famous houses, Clicquot- Ponsardin among 
them, made fortunes in the Russian market 
Bui the Champagne the Russians loved and drank 
was, by modern standards, almost sickeniogly sweet 
During the Soviet years, the Russian people contin- 
ued to consume enormous quantities of “cham- 
pagne," most of it made in Soviet Georgia and 
Ukraine, with inports from Hungary and other 
Soviet satellites. This, too, was heavily sweetened. 

In the 1970s, PepsiCo agreed to market Russian 
champagne in the West in exchange for access to the 
Soviet Union for its own product. Western consul- 
tants who encouraged the Soviet wine makers to cut 
down on the sweetness said the makers at first 
couldn’t believe that anyone would drink it dry. 

Their hearts apparently were not in it; Pepsico’s 
Russian product — called Nazdarovya, a corruption 
of the Russian toast “na zdorovye” (“to your 
health”) — staggered ou and then all but disap- 
peared from the market in the West 
Most of the major French producers continue to 
make some sweet Champagne, but the Champagne 
most of us drink is called tout, which means it 
contains no more than 1.5 percent sugar. Most brut 



David Soter/IHT 


can contain up to 2 percent sugar. Sec, which means 
dry in French, can contain as much as 3.5 percent 
sugar, demi-sec, up to 5 percent, and doux, which 
means sweet, contains 5 percent sugar or more. 

There are well over 100 Champagne companies 


competitive business and prices are relatively low 


now. 


and almost as many cooperatives in the Champagne 


Champagnes contain even less, about 1 percent. 

ited States, 


Extra dry, which is popular in the Unit 


region, 90 miles (145 kilometers) east of Paris. Most 
of them are proud of their particular style of Cham- 
pagne. Since most Champagne is nonvintage — a 
blend from several, or many, vintages — each house 
can blend and reblend to achieve and maintain its 
own style. 

Broadly, Champagnes range in style from light to 
fuQ. Lansoc is particularly light styled, Perrier Jouet 
is light to medium, MoSt el Chan don is medium 
Krug and Bollinger are full-bodied. 

Unfortunately, Americans rarely get a chance to 
compare styles. They drink it too infrequently to be 
able to distinguish one from another, and even for 
the serious amateur, comparative tastings are as rare 
as they are expensive. 

The celebratory nature of Champagne drinking in 
America is evident. Americans buy and presumably 
consume more of it in the fourth quarter of the year 
than in the other three combined almost 4 million 
cases this year, according to industry predictions. 
Most of it is sold between Thanksgiving and New 
Year’s Eve. This is a good time of year to buy. It’s a 


It’s a good time to stock up, but not necessarily for 
the long haul. Champagne is ready to be drunk when 
it’s sold Freshness aadvivadty are two of its princi- 
ple assets and they tend to diminish with tune. 

Well-meaning fathers who put away Cha m pagne 
for a daughter’s wedding 20 years hence are doing 
themselves and their daughters no favor. A case of 
red Bordeaux or California cabernet from the 
bride's birth year will be appreciated more. 

It has long been acceptable, even in tins sparkling- 
win e-prod ucdng country, to parrot the French line 
about there being no substitute for genuine French 
Champagne. It's still true for the best Champagnes, 
but cm a more commercial level in the United States, 
some California sparkling wines are providing stiff 
competition for the French product 
If there is any lingering guilt about preferring an 
carport, think about Otto von Bismarck. 

There is a story that Kaiser Wilhelm U invited the 
chancellor to dinner and served him sekt, German 


sparkling wine. Bismarck took a rip and put down 
ms glass. Apologizing, he said “I cannot drink 


German champagne.” 

The kaiser remarked that he had served the wine 


as a patriotic gesture. 

“Your Majesty,” Bismarck is said to have replied 
“my patriotism stops at my stomach.” 


PEOPLE 


George Bums CarkOgf 

99 th, Waits for lOOtii 

George Burns has canceled 


his 99th birthday show at . Las 


Vegas’s Caesars Palace on Jan. 
20 because he is still recovering 
from surgery in September to 
drain fluid from his brain after 
a fall in his bathtub. “He’s 
O K. We’re not going to play 
Caesars, but hopefully he's go- 
ing to do his 100th birthday/* 
Inlag Fine, his manager, said 
The veteran comedian is wdl 
enough to play cards daily at his 
dudFme said. 

O 

A two-for-one deal is avail- 
able for spouses at Donald 
Tramp’s Mar-a-Lago Club m 
Palm Beach, Florida, although 
Prince Charles and Princess Di- 
ana are not taking advantage of 
the offer. Instead they have 
signed up for separate member- 
ships at $50,000 each. Applica- 
tions also have been received 
from Steven Spielberg, Arnold 
Schwarzenegger and ESzabeth 
Taylor. The dub is expected to 
open in nrid-Januaiy at th&5&- 
bedroom estate built by the ce- 
real heiress Maijorie Mcni- 
weatfaer Post in 1926. Trump 
bought it from the Post estate 
for $10 million in 19&S: 

D'; ' V 

Jeffrey Andior. best-sdling 
author and former member of 
Parliament and Conservative 
Party chairman, and. his wife, 
Mary, were slightly hurt, when 
their car plummeted - down a 
highway embankm ent north- 
west of London. Their two sons 
were unhurt. 


. A London man bit into a : 
hamburger and found a dia- 
mond, Tire Sun newspaper said. 
Oskar KeyseO, 31, also found a 
Id earring stud in the ham- 
per at a McDonald’s. Key- 
sen said he gave the manager 
the gold stud and was given a 
free hamburger . He kept the di- 
amond and took H to a jeweler, 
who valued it at £1,000 
($1,500). 


WEATHER 


WEEKEND SKI REPORT 


Europe 


Forecast lor Friday through Sunday, as provided by Accu-Waather. 



HI gti 

LOW 

W 

Wgft 

Low W 


OF 

CIF 


C/F 

OF 

Algsfte 

17-V2 

73/35 

Pc 

18(64 

13(55 St 

ViDt/Oir 

3 '40 

3*37 

SJl 

6/43 

3/37 Si 

Ankara 

8m3 

0/32 

c 

7/44 

0/32 Si 

ABU** 

14*7 

9.«8 

1 

15/58 

W52 an 

Bwsetona 

18<G4 

12/53 

t 

17/62 

12/53 Si 

Sa^raae 

6WJ 

3(37 

sft 

0/46 

3/37 pc 

pranr. 

8(43 

3/37 

(ft 

307 

0/32 r 

Qiiismo 

1l.« 

4*39 

l 

7/44 

3/37 aft 

B^trpasi 

7(44 

4*39 

sft 

7/44 

4oa sn 

Ooponna^en 

5/41 

3/37 

sn 

4(39 

1(34 1 

CcrteDi tSci 

!7/62 

12/53 

0 

18*4 

13/55 Mr 

tftitAn 

7(44 

3>37 

1 

7/44 

1/34 f 

Eanteji^n 

7KJ 

6-4J 

r 

7144 

4/39 r 

Ftoronco 

16*1 

7.44 

s 

13/S5 

9(46 Si 

Prantfjn 

e-ae 

4(35 

SI 

4/39 

2/35 r 

Sovn 

9/40 

4/39 

Sft 

8/43 

3/37 r 

MeWirta 

«(39 

■2/29 

1 

307 

<1/27 Ml 

MsuteO 

J1.S3 

«-4fl 

pe 

1 2/53 

8/46 St 

Las Palmas 

25/77 

19/56 

a 

27/80 

18«6 » 

LtsDor 

f«B7 

1Z(53 

1* 

15/59 

11/52 1 

London 

8/48 

5/41 

aft 

8/48 

3/37 r 

Madna 

•sw 

0,46 

pc 

10/55 

7/44 r 

U-lui 

8 46 

5(41 

s 

0/46 

4(38 an 

Udacn 

-312T 

-4/25 

pc 

■3/27 

■672 W 

Murasr 

7.44 

3/3 7 «ft 

6/43 

1*94 Sft 

Na> 

I7«S 

9(48 

s 

10*1 

11 / 5 ® w 

o*> 

1/34 

-?/za 

an 

0(32 

-3C7 «n 

PiMm 

18(81 

n/ss 

g 

16(81 

13155 Si 

Pans 

lp(S0 

409 

r 

6(43 

3/35 r 

Pti-pie 

4Z» 

JOB 

sft 

3/37 

-101 r 


!(36 

<1<27 

c 

2/35 

•307 a 

flonw 

».*.« 

fi.43 

X 

t5.se 

1 0*50 s 

Sl Pdwinuig 


-4/25 

s 

-1/31 

-602 an 

StacUmiir 

2135 

-1*31 

1 

2/36 

■2/28 an 

SvaAOurt) 

9/48 

307 

aft 

B/43 

1/34 1 

T«lrn 

4/39 

-1/31 

1 

3/37 

-307 an 

Vanca 

13/56 

7M4 

PC 

11/52 

7/44 si 

Vtonrv, 

6.43 

3,37 

Si 

8«3 

2/35 an 


307 

1.3! 

sft 

aos 

■1/31 r 

Zimen 

4(38 

307 

Ml 

4/3B 

1/34 Si 

Oceania * 

AucMard 

23.T3 

15.39 

PC 

23/73 

15/68 pc 

SjtkWy 

28/79 

19/98 

1 

38/79 

19/88 a 



„ 




\ S T Sps 

7 ^ 

/ 

y?i -r^*® 5 


Jatswam 


! Uftsea»onu>ty 
Com 


I Urewonwy 
Hai 


jHowy 
3 Raw 


I Snow 


North America 

Now York. Washington, 
D.C.. ana Toronto wd have 
dry weather Friday. There la 
a chance of rein Saturday In 
Washington, D.C., rain or 
snow in Now YotH, and snow 
in Toronto Sunday wilt be 
colder and dry, except lor 
Hurries In Toronto. Los Ange- 
les will be dry through the 
weekend. 


Europe 

London will bo windy and 
cNBy Friday with showers of 
rain and wet snow. The, 
weather there wifi settle 
down over the weekend. 
Paris wHl also be windy Fri- 
day with a few showers, then 
dry over the weekend. Rome 
will have dry weeihar 
through Saturday, then 
maybe showers Sunday. 


Asia 

Tokyo w* have a bn of rain 
Fnday, followed by dry 
weather over the weekend. 
Dry weather is expected Fri- 
day through the weekend n 
Seoul and Hong Kong as 
waif. Singapore will be hot 
and hum>d with the chance 


for a couple ol thunder- 
storms. Manila will hove 


malnty dry weather. 


Middle East 


Latin America 


Asia 


Toon 

Tumotrow 


i%Si 

Low W 

HWi 

Low W 


OF 

OF 

OF 

OF 

Bangkok 

33/81 

20/88 pc 

30/88 

22/71 in 


3/37 

-7/20 PC 

-209 -11/13 pc 

HongKono 

20*0 

17/B2 e 

31/TO 

16*1 sn 

fetoiaB 

31/88 

20/73 pc 

30/BE 

22/71 pc 

HewOaev 

22.71 

5/41 ( 

31/70 

4*9 a 

Seoul 

6/43 

• 1/31 pc 

1144 

-?/29 ci 

Sftarighttl 

8/« 

0/46 an 

a/4fl 

4/38 r 

Svrawroir. 

26/82 

23/73 pc 

28*2 

24/75 6h 

Taipei 

20 *a 

17/82 c 

22/71 

16/51 Si 

Tt*TO 

11/6? 

104 pc 

10*0 

4.39 Si 

Africa 

Alpers 

IS«4 

12153 c 

10*4 

14/57 s 

Capa Town 

23/73 

16*1 G 

24/75 

13*5 S 

Canute-', xu 

IB <04 

12(53 pc 

21.70 

12*3 a 

Harare 

21/70 

7(4< a 

24/75 

0M6 E 

Logoo 

31/88 

"4/75 pC 31/88 

24/75 an 

Natou 

21.70 

9(46 pc 23(73 

13*5 pc 

Tsvs 

18*4 

6«3 S 

21/70 

12*3 a 

North America 

Ancnorage 

-4/25 

•7/20 Bn 

-3/27 

■11.13 PC 

Aftiraa 

16*1 

7(44 c 

13(55 

4/30 an 

BOQUft 

4/30 

•10/15 s 

1/34 

-4/25 6 

0*300 

3/37 

-4/25 pc 

1.-34 

•7/20 c 

Denver 

8/46 

- 6/22 pc 

2/35 ■ 

■12*71 pc 

Dew* 

3.0? 

H910 S 

1 / 34 

-5/04 e 


Depth Mtn. Res. Snow Last 
L U Ptatas Pleies State Snow 


Comments 


Andorra 


Pas ds la Casa 
Sotdeu 

70 

20 

so 

40 

Far 

Fur 

Open 

An 

Var 22/12 Assort 90 it acen 

Var 22/12 Open runs rsssonabiy good 

Austria 

Ischgl 

IS 

75 

Far 

Open 

Var 22/12 34 Ms open, upper runs good 

Kittbuhof 

20 

30 

Far 

Open 

Var 22/12 Snow gemrg fteg-zy 

Obergurgl 

25 

55 

Far 

Open 

Var 22/12 Worn pastes cn weS used runs 

Schladming 

10 

50 

Far 

Some 

Var 22/12 Upper runs good, mfletar wealfw 

SLArrton 

20 

90 

Fair 

Open 

Hvy 26/12 25 ms open, good above 1900m 


Canada 

Whistler 


1 20 265 Good Open Pwar 28- 12 2l-'26 MS Opm. esceliem stumg 


TOCsy 

High Law W High Low W 

OF Of OF OF 

Baku 1641 134S Cft 1742 12153 t 

Cairo 1447 9/48 C 154# BWS aft 

Damascus 10150 4Q8 c 10S0 3/37 l 

■tenMMm 12/53 9MB c l!W 7/44 r 

lisa 17)02 -1/31 B 14(57 0/32 pc 

RtyMti 21/70 11/52 a 21770 0/40 a 


To day Tomorrow 

/son Low w Mon Low w 
OF CIF CIS tap 

Buflnos Mes 3341 2*/75 I 3341 23/73 PC 

Caracas 28.1C 21/70 aft 29.BC 20 BB « 

Lima 23/73 1#» pc 22/n 18/64 DC 

MMcpCOy 29.73 BM3 pc 21/70 6/43 DC 

Fttc aeJandro 34,03 22/71 pc 33«i 23/73 pc 

smuogo 2am i««r pc 3 tbb 13/55 oc 


Honolulu 

houjuxi 

Los Angelos 

Mom 

Mnrmpoas 

Mamed 

Nassau 

NopVwk 


Legend; aoumy. cc-parfy doudy. c-daudy. sh-ahownru, Mhundsmonna, f-nan sFmon Hurtles. 
wvanw*. Hoa. W-WeaHwT. AS naps, torecesf end data prov id e d byAocu W — thni .kic. 81904 


San Fran. 

Suuffla 

Tororeo 

WosliaigUn 


87/80 22/71 pc Z7/BQ 21 TO pc 

10*4 am pc 1848 7/44 e 

ana 3/4ft 1 22/71 7/44 pc 

88/73 17/62 pc 27*0 17*2 pc 

-2/88 5/24 c -a/27 -14/7 Si 

-e-IB -23/-B O -71Z0 -16.4 pc 

38/78 81/70 pc 87*0 21/70 pc 

BMB -2/29 PC 6(43 0(32 pc 

18*8 7/4< s 18*8 7/44 a 

14/57 5/41 * 12*3 6/43 pc 

7/44 1/34 pg 7/44 2/35 pc 

-2*8 -8/18 pc -1/31 -SMB pc 

12/53 -1/31 t 7(44 -1/31 c 


Franc* 

Aiped'Huaz 
Lbs Arcs 
Avariaz 
Chamonix 
Courchevel 
LesDeux Aipes 
Meg eve 
MOritxH 
La PJagne 
Serre Chevalier 
Tlgnes 
Valdisfire 
VdThorens 


io so 
10130 
2Q 65 
0190 
15 70 
20150 
0 10 
5 60 
20100 
5 25 
*>S 115 
30110 
50120 


Fait 

Worn 

Fair 

Far 

Worn 

Fak 

Cted 

Fan 

Fair 

Art 

Good 

Good 

Good 


Art 

Some 

Open 

asd 

Art 

Soma 

Clad 

An 

Worn 

Cted 

Open 

Open 

Open 


Hvy 37/12 
V# r 27/12 
Var 28/12 
Var 20/ 12 
Var 28/12 
var 88/12 
Var 27/12 
Ver 2S- 12 
Var 2802 
An »(12 
Hvy 28/12 
Hvy 28-12 
Hvy 2812 


37/82 Ms open. } 6 P&bs suable 
28-34 Wes open, worn patches 
28/42 Ms open, pesos very busy 
23/46 lifts open many runs tacky 
27/88 Ms. snotvng above- 1300m 
36 Ms open, good above 2500m 
sfcungeriwartjyLas contaminea 
33/50 m trash above r900m 
56 Ms open, roson runs poor 
Very emnw sMng. 8 '72 Ms open 
Most Ms open, trash snow 
41 St Ms open. good piste stung 
Fresh snow on naro pecked base 


Germany 

Garmiach 

Oberstdorf 


10120 
10 55 


Fair Cnd 
Fair Some 


Wet 28/12 18/38 Bits, trust} above 2000m 
Hvy 22' 12 9/27 lifts. Upper runs sbR decent 


Itan 

Bonrrio 

Can/mla 

Cortina 

Courmayeur 

Seiv” 

Sastridre 


5 60 Hard Cisd 
10 200 Good Open 
Fair Some 
Fair Cted 
Fair Cted 


15 20 
0 70 
tO 15 


20 20 Far Art 


Var 20(12 Bea shmg above borne 200J 
Vat 28/12 18/27 OIS open, good stuing 
Var 20 / 12 30. 40 Ms open, reasonable 
Var 27/12 7 9 Mis. 30cm ot snow at 1700m 
Ver 30/12 Open runs st# reasonable 
Var 20 M2 5 wts atm sfcflna sftt very utmea 


Resort 

Mcrwiy 

Gaiio 

Depth Min. Am- Snow Last 
L U PMw PWn Stale Snow Carearenta 

30 3Q Fair Open Var 27/12 AO Wts open. TOmi cross country 

W|—1w 

Baqulara- Betel 

70100 

Good 

Open 

Var 22/12 Good skfrg. moa Uto open 

Aifiuvnifivi 

Adfllboden 

12 35 

Poor 

Cted 

W« 26/12 13/23 Ms wet snow, m rid 

Crans Montana 

10 40 

Fair 

Osd 

Var 27/12 17/40 Hits. tnxbBbom 2000m 

Davos 

10 60 

Fair 

Cted 

Var 20/12 32/36 Hits. wUbnb# taoom 

Grind ehvatd 

5 40 

uump 

rrril 

Cted 

Hvy 21/12 8/12 lifts open, raln-mmsd snew 

Ktoatore 

10 60 

Fair 

Cted 

Var 20/12 Sncm ttdHng on ipjpgr slopes 

SL Moritz 

10 50 

Fair 

Some 

Var 20/12 Good skang avaBBbte 

Vterbier 

20 100 

Ffflr 

Worrr 

Var 27/12 29/39 Ms, fresh above 2000m 

Wengcn 

15 30 

WOm 

Worn 

H»y 21/12 17/25 Ms, norm weather 

Zermatt 

15135 

Good 

Same 

Ver 27/1 2 30/39 Ms open, generally good 

IU* 

Aspen 

75 ao 

Fair 

Open 

Pchd 15/12 APB Ms open 

Breckenridge 

60 00 

Fair 

Open 

Pchd 20/12 All 17 Ms open 

Mammoth 

210240 

Good 

<*KW 

Var 25/ 12 M 30 Ms open 

Stesmboai 

B0 no 

Good 

OPS" 

Pchd 16/12 AH 20 Ms open 

TaBuride 

90 95 

Good 

Open 

Pckd 24/12 AR 10 Ms open 

VaH 

80 75 

Far 

Open 

Pckd 15/12 A* 25 fiffi? open 




Key. UJ Depth in cm on lower and upper stapes. Mai. PMes-Mounttenside pistes. Bee. 
“ J -«:Fton8 toaSng to resort viUege. ArhArtMdal snow 


Reports 94ipMd by the SK Club or Great Bnm 



Find oui what you're missing with 
AT&T ( iSADirecPand World Connect* Service. 


Jusi because you’re out of the office doesn’t mean 
you're oui of touch. Simply dial the AT&T Access 
Number below of the country you're calling from. 
In a matter of seconds, you'll be connected with an 
English-speaking Operator or voice prompt for clear. 



;1N 




S/-'' 




r Llli 


Sri. 


I/' ■ _ 


a 


-Jr-.-. : - 


5”-’ 
*• c*. 


Jfc- 

i*-- 

r-n 


E2J." 

EE.V 


■■ .'*» 


T- - ' 


fi 

*4 




i £t ~- 

, E* 

! 2^-a 


i: 


i v-;. | 


*ar_: 

a 1 . 


Sr . 


... ... 


- - • 



reliable connections to the U.S. or over 100 other ‘ 
countries. Charging it to your AT&T Calling Card can - 
minimize hotel surcharges and assure you economy 
teal AT&T rates, too. So go to the nearest phone and - 
check m with those who said, “Don’t worry' about 
§ a ^ ingl ‘^ ter ali - thal ’ s reason enough to won? • 


*‘Vv < 

w. a;i£ 


ASIA /pacific 

AUSTRALIA iBOfl-Wn-mi 


CHINA, PRC*^ 
HONG KONG 
INWA* 
INDONESIA* 
JAPAN*. 

KOREA 

MAC4Q 

MALAYSIA' 


10811 

800-1111 

8MM17 

M1.0O1.1Q 

0039*111 

009-11 

ijwn-m 

000*0011 


HEW ZEALAND 000-911 

PHILIPPINES- 185*11 

HUSSIA’i(MOSCOW). ..155-6M2 


..238*2872 

aoo-enn-m 

. . . 438-430 

OOM-10288-B 

ooi 9 - 99 i*ini 
EUROPE 

ARHEMA* r 8M4111 


SAIPAN' 
SMSAPOW 
SH LANKA. 
TAIWAN*. 
1HAILWJD* 


AUSTRIA" nr .. 
BELGIUM" . .. 
BULGARIA. . . 

CROATIA’* . 
CZECH REPUBLIC 
DENMARK*. 
FINLAND*. 
FRANCE .. 
GERMANY 
GREECE" 


E 2 - 903 - Oil 
. 8*000*100-10 
. OQ- 1 BOQ-OQ 1 D 
9 M 8-0011 
00 - 420 -anOI 
0901 -WO 
BStHMKHD 

ib;-ooii 

0139-0018 

00 * 800-1311 


HUNGARY* . 

ICELAND’* 

IRELAND . .. 

ITALY* . . 

L1ECHTENSYBH' 

LmtUMfiA* 

LOTJEOUW 

MALTA 

MONACO' 

NCTHERUNBS* 


. 089-00841111 
.... 988-001 

. 1 - 080 - 950*000 

172*1011 

.. . 156 * 00-11 
. .. . 85186 

.. . 0 - 801 ) -Gill 
0600 - 0 M *1 10 
190*0011 
08 * 022-8111 


NORWAY 

POLAND’* 1 

P0RT116AL’.... 

ROMANIA . 

SLOVAK REP. 

SPAIN*.. 

SWEDEN' 

SWITZERLAND" 

UKRAINE’ 

U.R. 



MI0DLE EAST 

Bno-ooi 

080-90010 
. 510*0280 
177*180*2727 
.. 8D0-XW 


BAHRAIN .... 

CYPRUS' .... 

EGYPT* (CAIRO) 

ISRAEL... 

KUWAIT.. . . . 

LEBANON (BEIRUT) 1 ■ 425-081 

Saudi arasm t-Kw-to 

TURKEY* M- S«H2277 

U AflASttWRAfES* 


AMERICAS 

ARGENTINA* 00 l-ec 0 - 200 - 11 l 1 


BOLIVIA* 

BRAZIL 
CANADA 
CHILE 
COLOMBIA 
a SALVADOR'. 

HONDURAS’. 


V -000 -1112 

000-0810 

«i*0312 

980-11-0018 

190 

123 

»-A 80 - 4 fiZ.flfl 


PANAMA 1H 

PBIUT 191 

VENEZUELA*. . B0-011-1ZB 

AFRICA 


TrudXorld* Connections 


GABON* 

GAMBIA* 

IVORY COAST 

KENYA’ 

LIBERIA... . 


..OtKMHn 
. 08111 
00 - 111*11 
.. 0800-10 
787-787 


SOUTH AFRICA . 0-80049*019 








|l' 04 :ti.i< i /m tjnilrti’tgai/ (il w.v'- n iiiif.r, j>L oi^mcf vi'lcr’ dr "dlsliiifi ti*' xn-n tnaifli-r 

\T.\l i iirmi i > -.in uahL- >-i ft.il isu-l (111*11111+1 {•/inll* a-’iifn so r*wuiii ijIIimb I* Ivnu 'I *** 1 

in4i>i %4T- I'-A'I 'ftil i». :i.N .itiimi ‘Iftil'i'l UN DiMdr Ikirm ' Mi* >a4 >i> jmiU’iI. innn I'.ift 


ta:i*i.£ 1 .n..il>lr h. lift- 1- c ■■ Il> •'••'* I WwlJ t*"Unn' *t I MIUimi* mat* p*k* «» aUrwul diaiff Kmi! «' Uk r-c.-ita m > «" mm , vmii„ ti - . riln . )IW1I ., n olMnll , u«ri Aw T,iHlr r N..n,* ««...• ” ' ‘ 

- ■e,(ii:i*livfr. —.11.14 0u«wlil3 all *«»»■■■• *’••4 jvs.ii:*:,- :n<r ;.:.'4ir *«*\,4 .,1 irulAl,. inn all itm J**su «u-«I M «»' 1 • ' . i*. ,8ms m jit»l hbt,rt ^uUIiik anAMt u txn^u -r..- ‘^ d,al ^ 'MriltMRiflnO* 


'T*r 1 -m/Hvi- v-J , T |1 i'H 
^ iiuihuiBSiulKonh 




oiMisar 


. ka tit . .. i*C jft 


i»:. ! iS siz- 

iff ?■ 

z'C.f " 

^ -Vi : 
1 Vr-vr- 

k